Lloyds Banking Group is using software to help it make better use of complex data to sell to customers more effectively.
The bank has rolled out Teradata Relationship Management (TRM) software, which it claims will give all its customers, regardless of their relationship with the bank, relevant information.
The software has also enabled Lloyds to simplify its IT infrastructure and reduce data duplication.
The bank group which includes Lloyds TSB, Halifax and Bank of Scotland has an enormous amount of data. But its complexity, which grows through acquisition and often sits on different systems, makes it difficult to use.
The software will search the database, identify customers and target them appropriately with relevant products.
"TRM will enable us to radically enhance our marketing capability across Lloyds TSB, Halifax and Bank of Scotland brands," said Adrian Windo, director of one-to-one marketing at Lloyds Banking Group.
"We have just implemented TRM for Lloyds TSB and it has already demonstrated its value by executing complex marketing campaigns far more quickly than ever before," he said.
"It has also helped simplify our IT environment. We are now decommissioning previous capabilities as well as significantly reducing data duplication and data movement around the organisation."
The bank said the software is enabling significant cost savings and increasing revenue opportunities. "It will enable us to do far more with lower end-to-end cost," said Windo.
Large banks such as Lloyds Banking Group have millions of customers using a plethora of different products and services. Add to this the fact that large banks have been acquisitive in recent years and most banks have an enormous volume of data which is not accessible from a single point.
As a result it becomes expensive to serve customers and marketing can be wrongly targeted.
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