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How Celent Model Bank winner, BECU, improves member experience with omnichannel customer analytics

This report excerpt is taken from the Celent Model Bank 2016 Report (Part II: Case Studies in Omnichannel Banking). It examines key themes in omnichannel banking – understanding, priority, and implementation – and provides a case study detailing the omnichannel customer analytics solution implemented by 2016 Celent Model Bank winner, BECU.

BECU is a member-owned credit union that is guided by the philosophy of “people helping people.” The fourth largest community credit union in North America, they focus on operating full-service ATMs, with a high percentage of the fleet averaging 12,000-15,000 transactions per ATM monthly. With only two branches containing actual tellers, BECU’s remotely operated, full-service fleet of 200+ ATMs represent the main touch points with their 900,000+ member base.

“Through our partnership and investment in INETCO’s omnichannel monitoring and analytics solutions, BECU now enjoys a member-centric, “hands on” view into operational performance, customer usage and channel profitability. We are now cultivating a data-driven culture that can add member value through improved ATM availability, convenient self-service device placement, a lower cost-to-serve and better product-to-member service alignment.” Shirley Taylor, ATM Manager at BECU

Challenges

BECU recognized that expanding services, more sophisticated ATMs and the growing number of members choosing self-service channel options were resulting in an explosion of digital transaction data. It was taking up to 3 weeks and significantly more resources to manually extract, parse and clean fragmented data from a growing variety of sources. Many macros and queries had to be conducted to build reports on member data, identify ways to improve member satisfaction and derive the answers they were looking for.

With ATM devices acting as the main customer-facing touch points, BECU also felt limited when it came to understanding the member experience. They did not have a current customer-centric view into where, when and how their members interacted. They also lacked insight into whether a member’s experience was being hindered by performance problems such as ATM availability, host communication or network performance issues.

BECU realized gaining real-time visibility into transaction data was the key to:

  • Guaranteeing members could complete the majority of transactions at the ATM
  • Reducing the time and resources taken to report on member data
  • Identifying ways to continuously improve the member experience – in a timely manner

Solution

Recognized by Celent as a 2016 Model Bank award winner in the Omnichannel Banking category, BECU partnered with INETCO to demonstrate a truly innovative approach to harnessing and sharing the wide array of data required to successfully ensure their 900,000+ members are able to effectively complete their transactions at the ATM.

BECU’s data management architecture is built on the concept of Fast Data – data that can be analyzed as its ingested at extremely high intake rates. It consists of the following components for real-time transaction data streaming, scalable data storage and on-demand customer analytics:

Within the INETCO Analytics application architecture, streaming transaction data is collected then warehoused within a Cloudera Hadoop data store, and extracted using user-friendly Tableau based dashboards.

Results

The move towards a customer-centric view of transaction data, made centrally accessible to anyone/anytime, has helped BECU to optimize both the operations and business team’s ability to access and analyze digital transaction data in a timely, proactive way. By cultivating a data-driven culture, these teams now work together to identify new ways to acquire members, deliver more value to existing ones, and enhance profitability through faster reporting, better device placement, improved ATM availability and targeted service offerings based on localized ATM usage.

In addition to delivering a better member experience at their ATMs, BECU has also streamlined reporting processes and saved extensive time and effort in areas such as:

  • An 88% predicted reduction in time required for cash utilization analysis
  • 70% faster mean time to isolate performance issues
  • 65% faster ATM placement and lease renewal analysis
  • 58% faster geographical channel analysis
  • 50% faster response to member inquiries