Management / #DCS2016: Is data the magic pill for understanding customers?

#DCS2016: Is data the magic pill for understanding customers?

Every time you go on a website it is likely a company somewhere is collecting data about your visit, but does the information really help firms to better serve their customers?

Businessman standing looking at detailed business flowchart

In a panel discussion at the Digital Content Summit 2016 in London, Neil Cardon, director of business development at Aquila Insight, said:  “You get a good understanding of the why of things out of data, what the thought processes are.

“It is important in understanding how to meet customer needs.”

According to Cardon there is a growing expectation among customers that companies have their data. But he does not believe anyone has really cracked it yet, although firms are getting better at managing people’s data.

Giles Richardson, head of analytics at Royal Bank of Scotland, said: “Our challenge in is to work out what customers are interested in.

“Customers touch us in all different ways such as branch visits, phone and website. There are 20 different touch points they can reach us on.”

He explained data can tell businesses where their customers are in their journey.

For example, if they are using a mortgage calculator they are more than likely interested in buying a place. But what Richardson is really interested in is using the data to make the experience better for the customer.

It can show when they should be pointing customers to more information and when they shouldn’t.

“If you are looking at stuff you are telling us you are interested in a product,” said Richardson.

“If we know you are looking at mortgages we try and turn it into a conversation. The target is working out when that conversation should happen.”


Click here to catch up on our coverage from The Digital Content Summit 2016.