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Original article: https://www.fastcompany.com/90834270/big-data-better-experiences-how-intelligent-analytics-are-changing-the-game-for-credit-card-partnerships Peter Burgess COMMENTARY Peter Burgess | ||
01-18-23CAPITAL ONE
Big data, better experiences: How intelligent analytics are changing the game for credit card partnerships
Data is helping Capital One drive new efficiencies—and better outcomes—in its partner credit card business
Big data, better experiences: How intelligent analytics are changing the game for credit card partnerships
BY FASTCO WORKS
In recent years, Capital One has elevated its already robust card partnerships business. Retailers such as Walmart, Williams-Sonoma, and REI Co-op partner with the company to deliver tailored credit card programs to their customers. But today’s partnership programs do more than give customers an easy way to pay for purchases—they also give retailers a meaningful way to build loyalty with customers by providing a tech-forward, high-touch experience. Such partnerships tap into Capital One’s considerable expertise to develop programs that resonate with consumers and businesses while delivering real value to the retailer.
Data has played a major role in Capital One’s efforts to boost its card partnerships business. The power of data analytics is helping it to make more informed underwriting decisions that enables retailers to extend credit to a broader range of customers. Data also drives the company’s digital tools, including its award-winning mobile app, which helps retail partners forge stronger ties with customers by providing a more efficient and personalized customer experience.
For years, Capital One has partnered with Salesforce to take advantage of millions of data points to bolster its card partnerships business. The continued evolution of Salesforce platforms such as Marketing Cloud and Sales Cloud have given the bank even stronger tools to manage relationships with retailers and consumers and the ability to add more value to the partnership programs.
As the company was reimagining how data and technology could help elevate these programs, Jennifer Ilecki, head of marketing for card partnerships, turned to Salesforce and its Marketing Cloud platform to identify new ways to serve cardholders at different points in their customer journeys. “We really wanted to change the way we were thinking about marketing, the way we approached the conversations we were having with customers, and the emphasis we put on personalization,” Ilecki says.
A CUSTOMER-CENTRIC APPROACH
Capital One is shifting to a more customer-centric approach to marketing by utilizing data to deliver relevant marketing experiences at the right time. “We are shifting from a campaign-based approach to having conversations with our customers,” Ilecki says. “By delivering personalized messages with an emphasis on moments that matter, we are driving immediate customer engagement and long-term loyalty.”
Utilizing Salesforce Marketing Cloud and other tools, the company’s approach now offers personalization within context. Cardholder communications are triggered based on real-time customer actions as they move through their onboarding journey. Customers who may need to activate cards or set up digital servicing accounts will get tailored messages to help encourage these steps. Customers who start spending immediately will get a personalized set of communications helping them to better understand how to maximize rewards and other card benefits.
Personalizing outreach means cardholders are more likely to have information that’s relevant or useful to them. For instance, it may spur them to use their card to spend outside of that retailer or invite them to take advantage of special sales events aimed at cardholders. “Over time, these consumers are more engaged, more loyal, and better understand the benefits of the card,” Ilecki says. “Overall, that increases that customer’s lifetime value.”
“In today’s digital-first world, customers expect personalized experiences from companies at every touchpoint,” says Bobby Jania, SVP, Marketing Cloud, Salesforce. “With Salesforce Marketing Cloud, Capital One is able to use real-time data to deliver better outcomes for their partners and end customers by making every moment more personal, valuable, and memorable.”
DATA FOR EFFICIENCY
Salesforce is also helping Capital One forge stronger ties with the sales associates and managers of their retail partners. After all, these frontline workers play a crucial role in educating consumers about these cards, explaining their benefits while ringing up purchases and helping customers maximize loyalty rewards.
Kathryn Graham, head of field store engagement for card partnerships at Capital One, relies on the Salesforce Sales Cloud platform to provide her store-engagement team the data they need to optimize their efforts. The field-based team directly supports the critical store associates in their geographically dispersed stores. Salesforce Sales Cloud helps identify the stores whose associates could benefit from assistance in understanding and articulating the benefits of a store card, which leads to a more confident sales associate, a higher propensity for customers to apply, and a better overall customer experience.
For instance, Graham’s team uses a Salesforce plug-in called Maps that allows them to overlay data onto a geographic map. This lets them see which stores are over- or underperforming, in addition to other notable store changes. “It gives us a predictive model to tell us where we could have the greatest impact,” she says. “When we started this process, we saw a 17% increase in productivity within our Capital One team just from being able to better focus our travel to stores”
The Maps tool also was instrumental in helping Graham’s team get back on the road after the COVID-19 pandemic hit. Capital One created an algorithm to overlay COVID-19 data onto Salesforce’s Maps tool to identify which areas would be the safest for the team to travel to, and to create routes that would let the team travel shorter distances so they could sleep at home every night. “Data makes my team smarter and more efficient,” Graham says. “In the end, that creates a better experience for the store associates and, ultimately, our shared customer.”
ABOUT THE AUTHOR
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FASTCO WORKS IS FAST COMPANY'S BRANDED CONTENT STUDIO. ADVERTISERS COMMISSION US TO CONSULT ON PROJECTS, AS WELL AS TO CREATE CONTENT AND VIDEO ON THEIR BEHALF.
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