Personalised service – A positive by-product of data and analytics?

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The holy grail of customer service is to provide made-to-measure solutions, the one’s that will delight your customers and keep them loyal to your business.

In the past, that’s been achieved through high staff to customer ratios and high-end price tags. Now, data and analytics, machine learning and algorithms, have a mind-blowing capacity to track individual needs and tailor services accordingly. So is it the answer to every business’s prayers?

Lee Raybould, Chief Data Officer at Nationwide Building Society and member of the DataIQ 100 most influential people in data-driven business, believes it is but knows it comes with challenges.

“The headlines about Facebook and Cambridge Analytica shine a light on the dark side of big data. People want their information to be used respectfully, and only in ways they approve of and understand. The debate on ethics, regulation and even laws in this space is very active.

“This year, much of the focus in Financial Services has been on implementing regulations surrounding, for example, Open Banking and GDPR, both largely concerned with controlling how information is shared. And the publicity around both has made people more aware of how their personal information is being used, and that they can have control over it.

“People in data are passionate about the potential, true innovators, and the advancing technology can create massive improvements for customers and employees.

“ Moving forward, we have a massive opportunity to educate all parts of the business on the art of the possible, how we can use data modelling, even AI, to improve efficiency and service levels. It’s a question of supply and demand, of democratising data and making natural language search a reality. The results will be beyond our imagining. ”

“We’re also involved with the Government’s Data Skills Taskforce, helping shape this emerging discipline. Really, in business currently, nothing else comes close to the transformative power of data and analytics. It’s akin to the Industrial Revolution.”

If you’d like to find out more about the “analogue” (human) side of data and the opportunities at Nationwide, click here