'In an environment of financial uncertainty, financial efficiency and business insights for faster decision-making is a challenge Westpac has tackled. We are better positioned because of Informatica to respond to demands for greater transparency and turn the company's customer insurance data assets into business insights.'
Also supported is the company's recently launched Social Media Project, where the Informatica Platform is helping Westpac to capitalise on the opportunities presented by big interaction data to gain deeper customer insights and compete more effectively as a customer-centric organisation.
Crowley said that Westpac, a long-time Informatica customer, has more than 1.2 million customers - 900,000 of whom use online financial services, performing three million online transactions per month. 'The data being amassed in different parts of the company presents a big data challenge due to its volume, variety and complexity across multiple sources. Westpac's previous silo-based approach to information management meant that strategic and tactical business decisions were frequently based on inaccurate, delayed and often incomplete data - a situation that led to the launch of the Insurance Project.'
According to Torrance Mayberry, senior systems manager at Westpac Life New Zealand, as part of an evolution in the exploiting of big data across Westpac, the company was interested in 'leveraging big interaction data to provide a lens into the future of the business and the relationships created between the brand and customers.'
'The Informatica platform enables a data-centric approach to addressing business issues across the enterprise, regardless of the sheer volume, disparity and multiplicity of sources, and increasing complexity of the data involved. By being more data-centric, we are able to become more customer-centric.'
Informatica senior vice president, Asia Pacific, Graham Sowden said that in its drive towards customer-centricity, Westpac is also turning to the Informatica platform to help leverage big interaction data through its new Social Media Project. According to Sowden, by engaging in sentiment analysis on data derived from social media, the company anticipates achieving an even deeper understanding of customers and prospects, and an enhanced ability to move quickly on business opportunities and challenges. Sowden said the Informatica platform 'ensures that data captured from social media can be integrated easily with other Westpac data for comprehensive analysis.'
According to Sowden, insurers and other financial services organisations must constantly be on the search for new and innovative ways to sustain competitive advantage, 'whether through more precisely targeted products and services or more efficient business processes.'
'Westpac's use of Informatica illustrates how empowering business stakeholders with timely visibility into their data helps to increase business agility and customer loyalty, drive top line and bottom line growth, reduce risk, and achieve a significantly higher Return on Data.'>