A data strategy to enhance the member experience for financial services.

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GWI was engaged by a financial services provider to develop a data strategy that focused on uplifting data foundations, enabling accessibility, and guiding business decisions to enhance the member experience.   

The financial services provider has seen rapid growth in recent years, leading to the expansion of their service offering to include an extensive range of banking and insurance services.    

Despite the recent expansion, the organisation continues to pride themselves on their member-centric approach and wanted to establish ways to enhance the member experience. They realised the opportunity to better manage and leverage their digital assets as a way of creating new efficiencies and benefits for members. However, as their business grows, so too does the data they acquire, and the demand for advanced skillsets to interpret it. They engaged data specialists, GWI to guide them on their data journey.    

An enterprise-wide data strategy    

We were engaged to develop an enterprise-wide data strategy for the organisation.    

To understand their current data usage and literacy levels, our team of experts conducted thorough interviews with key stakeholders across all service offerings and levels of the business. The results, combined with analysis of key business drivers, gave GWI a clear understanding of the pain points the data strategy needed to address.   

We discovered that the organisation’s current data ecosystem, including data flow, quality and accessibility, were inhibiting them from becoming a data-driven organisation.   

Stakeholder engagement also revealed that they relied heavily on certain team members to manage data, indicating varying data literacy levels and capabilities. The organisation often spends significant time and resources manually finding, collating, and verifying data, instead of deriving actionable insights that will contribute to improved service delivery.  A siloed data environment made the already highly regulated requirements a greater challenge to comply with, which put intense pressure on some members of the team.     

As a result of these factors, GWI determined that the organisation was unable to view and interpret member insights in a timely manner.   

Demonstrating the potential of data in the organisation    

With these pain points, limitations, and business drivers in mind, GWI designed an enterprise-wide data strategy that focused on utilising the organisation’s existing digital assets to enhance employee and member experiences.    

GWI’s data strategy established a clear path of action to develop capability and maturity to uplift their digital capabilities and maximise the application of data-driven insights in their roles. To highlight the potential of data, we developed a number of use cases that demonstrate how to address the identified pain points for the organisation. These use cases contribute to a shift in attitudes towards data across the organisation.  

The data strategy GWI developed provides the critical steps required to achieve a single view of member behaviour.  

It focuses on managing data across its entire lifecycle from creation to disposal, allowing for reliable, easily accessible and high-quality data sets. GWI developed clear data definitions, standards, and infrastructures. This allows the organisation to streamline all data processes and focus on creating real business value for their existing and potential members. Through improved data processes and protection, our data strategy also ensures the organisation can maintain ongoing compliance with strict regulatory requirements.    

Becoming a data-driven organisation    

With the help of GWI, the organisation now has a clear understanding of the necessary steps to becoming a data-driven organisation. The enterprise-wide data strategy we designed clearly demonstrates the potential for data efficiently and effectively to improve operational efficiencies, innovate services and enhance the organisation’s member-centric approach by improving the member experience.     

If your organisation is experiencing similar pain points, GWI can help.  

Contact us now.