BACKGROUND: At Bank of America, currently the fifth largest bank in the United States, we must focus on improving our position in the marketplace. Thus it is critical to use marketing tools that help us improve customer service and better manage customer relationships as a means to strengthen our bottom line.
PLATFORMS: Bank of America's marketing department runs on an NCR 5100.
PROBLEM SOLVED: The amount of information stored in Bank of America's data warehouse continues to grow. However, we no longer have difficulty in utilizing that information within highly targeted marketing campaigns. We have implemented a solution that allows us to increase the accuracy and results of our marketing initiatives and, subsequently, our ROI.
PRODUCT FUNCTIONALITY: The VALEX Marketing Automation System is based on Exchange Applications Continuous Customer Management methodology. This methodology allows us to identify customers who present the greatest profit potential and then plan, build, execute and analyze campaigns targeted at these individuals or households. The technology includes triggers that respond to timed events and customer behavior or inactivity. For example, if a customer makes a large deposit, the system will automatically generate a mailing with incentives to purchase our investment services.
STRENGTHS: Because VALEX is incorporated into NCR's Teradata Warehousing Solutions, Exchange Applications was able to offer us a complete customer relationship management solution. We did not need to turn to any other vendors, since all the tools needed to create highly targeted marketing campaigns came in one package. In addition, VALEX has allowed us to manage a larger number of customers and track and measure results on a consistent basis. Finally, VALEX helps us identify market segments with the highest profit potential and allocate our resources smartly across those groups. The result is a superior return on investment.
WEAKNESSES: VALEX is still a rather complicated program to learn and use, although future releases will add significant ease-of-use features.
SELECTION CRITERIA: We chose Exchange Applications because it was able to offer a complete solution with NCR. In addition, VALEX provides an open client/server architecture that is extremely flexible and scalable.
DELIVERABLES: VALEX has allowed us to reach targeted customers with the products they need when they need them. We have been able to increase customer acquisition, loyalty and retention, as well as mine our existing customer base for cross-sell opportunities.
VENDOR SUPPORT: Exchange Applications has provided strong support from day one and continues to be responsive to our needs. The company has partnered strongly with NCR to ensure that systems implementation ran smoothly.
DOCUMENTATION: The VALEX documentation was clear and easy to understand. It clearly explains how the product works and how it could be used to generate superior ROI.
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