The Bank of Ireland’s retail division has revealed that it has entered into a partnership with Nasdaq-listed Cognos and Fidelity Information Services in order to gain an insight into customers and boost product profitability. “Understanding what drives customer profitability is the Holy Grail in retail banking,” says Eugene McCarthy, head of profitability measurement in Bank of Ireland’s retail division.
Under the contract, the bank has implemented PMG System’s TruPROFIT solution suite, which integrates Cognos’ Enterprise Business Intelligence software. PMG Systems is a division of Fidelity Information Services.
The technology will enable Bank of Ireland to get the most out of customer profitability by aggregating customer data collected across multiple points, including deposits, retail loans, mortgages and credit cards.
The technology aggregates the information and pushes it out to Bank of Ireland’s customer relationship managers, enabling them to segment the customer base and understand and measure growth in their portfolios.
In a later phase, this level of detailed information will be used to focus sales and marketing efforts towards the bank’s most profitable customer segments.
Says McCarthy: “We now have increased understanding of our customer base across all product businesses, as well as the ability to provide our customer relationship managers with meaningful, actionable information that impacts their decision-making process.”
By John Kennedy