Innovation Excellence: Westpac’s Symphony

Each year CANSTAR assesses the new and innovative financial products and services launched on the New Zealand market and showcase those businesses in the financial sector that are leading the way.  In 2014, Westpac has garnered a CANSTAR Innovation Excellence Award for its banking communications framework: Symphony.

The product

A dynamic banking communications framework and platform, Symphony comprises a sophisticated near real-time decision engine that drives an omni-channel customer experience across all banking channels, with each online interaction linking to the next.

The tool combines underlying message analytics with marketing asset creation and management, essentially capturing interactions and responses. This provides insightful two-way dialogue through the core channels of the bank’s ATMs, email, SMS, direct mail, online banking, mobile banking and direct communication with frontline teams (branch and call centre staff).

A special “dashboard”, unique to every single bank customer, is then able to tell bank staff exactly what communications and interactions the cusomter has had with the bank over the previous 30 days.

The system helps extend the functionality of ATMs, so that customers are able to perform such actions as extending a credit card limit.

Symphony is also being incorporated into the bank’s smartwatch and Google Glass trials.

 

Standout featuresinnovation-winners

Every Westpac customer has a personalised page on the system, updated every time that person interacts in some way with the bank – from withdrawing cash to providing feedback.

• Customers are only ever “one click away from a human being”.

• Customers receive relevant, personalised advice.

• Symphony is 100% automated with data being refreshed continuously.

• Every Westpac customer has a personalised page on the system, updated every time that person interacts in some way with the bank – from withdrawing cash to providing feedback.

• Customers are only ever “one click away from a human being”.

• Customers receive relevant, personalised advice.

• Symphony is 100% automated with data being refreshed continuously.

 

CANSTAR’s verdict …

Westpac’s Symphony system helps to streamline the customer service process, by creating a system that uses message relevance tools to generate the best response for the customer.

Customers are then contacted within 24 hours by their preferred method of communication.

This initiative allows Westpac to better understand the relationship between the bank and its customers. Westpac chief digital officer, Simon Pomeroy, said: “Symphony allows Westpac to have more personalised conversations with our customers, no matter what channel they are in (email, SMS, Direct Mail, and online banking). The programme is a key part of our digital strategy that puts customers at its heart and I’m proud that the work of our team has been recognised as industry leading.”

In the world of banking, where communication can become frustrating for some, this system assists with future conversations and increases engagement between cutomers and staff at the bank, which can only be a good thing.

 

View other the other 2014 Innovation Excellence award winners (pdf)

Share this article