About the Customer
Standard Life is an investment company with over 190 years’ experience of helping people invest and manage their money. Today, Standard Life employs around 6,500 people internationally – through businesses in the UK, Europe, North America, Asia and Australia. Around 4.5 million customers and clients across 46 countries trust us with their financial future – and we are responsible for the administration of $420 billion of their assets. We also support over 25 million customers through our Indian and Chinese associate and joint venture businesses. Standard Life Investments actively manages over $345 billion worldwide, offering global asset management expertise with strong investment capabilities and performance.
Scope and Challenges
According to a study by the IBM Institute for Business Value only 30 percent of customers believe they are receiving a personalized customer experience, despite the fact that 45 percent of bankers indicate they think they are delivering on that promise. In many cases, this lack of execution is driven by IT roadblocks and legacy technology, which make delivering relevancy, especially on a global scale and across multiple channels, challenging.
Outcome and Implications
Using IBM Campaign, Standard Life can then turn these insights into a unique customer snapshot that helps illustrate each person’s financial needs and long-term aspirations. Employees can then more effectively prescribe the appropriate action, all in near real-time. Standard Life is also able to deliver this level of personalization across multiple channels whether they are online, on their mobile device or live with consultants from the contact center where the company has already seen a significant and immediate return on investment.
Additionally, ServiceNow Project and Portfolio Management combined with financial information allowed Standard Life group to extend the value of the ServiceNow platform beyond IT, visualizing the project's financial informations, and makes more effective the governance of programs.
“Today we are truly working towards a segment of one and as a result, our customer communications must be personalized at a depth unimaginable just a few years ago. In just a short period of time, IBM has allowed us to get to know our customers and their needs on an entirely new level, so in the end we are presenting exactly the right products and services at exactly the right time and achieving the highest level of engagement as a result." said Stephen Ingledew, the Managing Director of Marketing for Standard Life in the UK.
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