The bank’s initiatives up and down the ‘Data Value Chain’ are part of what the bank’s general manager technology data, Darren Abbruzzese, says are moves to differentiate itself from competitors with enhanced customer services.
Abbruzzese, speaking at global analytics and data management software giant SAS’s Analytics Insights event in Melbourne on ‘Banking on Data in a Digital World, outlined how the ANZ has underpinned its heightened focus on the use of data and analytics by establishing a dedicated data office and a repository and resource for all things data – a so-called data lake.
“Our current tilt towards the use of data, and analysis, can provide useful information on individual customer experiences with the bank.
Abbruzzese says exposing the data to individual customers in real time — “which is the right time” — is the bank’s aim.
“A few years ago, the use of data was seen as 'just an adjunct' tool, but it should now be treated as a strategic asset. We need to ensure this is well known throughout the organisation, and why data is important and that it should be used – how to analyse, how to get value from it.
“If you impose analytics over the top (of the data lake) you find data you didn’t even know you had. That’s why it has to be treated as a core asset.”
According to Abbruzzese, the bank is pursuing a data transformation agenda and customers' expectations are changing, and they are increasingly willing to share more (about themselves).
“Customers trust us and expect us to know them,” Abbrussese says, re-emphasising the "asset value" of data and analysis of that data for the bank.
SAS showcased the latest advancements in its technology at the forum, which was staged over two days in both Melbourne and Sydney for analytics professionals and business decision makers.