Skandia Bank and Insurance, with 2.2 million customers in Sweden, Norway and Denmark, is seeking to advance its digital strategy using customer communication software from Pitney Bowes.
Magnus Eldberg, CRM manager for Skandia, said the company – which is owned by its customers – decided to change itself to “meet new customer requirements” for communication using digital devices such as smart phones, three years ago.
Eldberg’s marketing team is shifting from “planned to event-driven” ways of communicating with customers, he said, and, in Scandinavia, has a customer base with a long and deep experience of mobile.
Skandia Liv acquired the business in 2012 from Old Mutual, a South African financial services firm that had acquired Skandia as a whole in 2006. Skandia Bank and Insurance has more than SEK 440bn (£43bn) under management.
“For us the customer is in the driving seat. We have a greater pressure, needing to have customer focused all the way,” said Eldberg.
Skandia will use Pitney Bowes’s Portrait Miner, Explorer and Uplift software to better automate and personalise customer communications. It will also use it to analyse customer data.
The company chose Pitney Bowes for its software’s ability to integrate campaign management, inbound response and visual analytics in a single product suite, confirmed Eldberg. “Pitney Bowes could deliver the completeness and range of functionality we needed to create meaningful content, manage outreach to customers and analyse results in one seamless and valuable process. The support teams at Pitney Bowes are highly responsive, flexible and easy to work with, forming a great partnership to help us deliver on our vision for customer engagement,” he said.
Read more about customer analytics and communications
“The main technology question for us was: ‘software as a service’ or on-premise,” he added.
“In banking and insurance we have a lot of regulation, and from a customer security perspective, we came to prefer on premise, largely after talking to other companies in financial services for about a year. Many of them said they had gone for SaaS and took things back in house, finding there were just too many things that didn’t work as they required.”
The Portrait suite will allow the Skandia to predict customer behaviour through data analysis and how well that will work will be clearer in six months’ time, said Eldberg. They hope to be able to make offers to stay to customers whose behaviour indicates they might leave, and to do more dynamic, finer grained, customer segmentation.