Leveraging Data for Personalised Banking | Jamie Renehan, Bank of Ireland

At Bank of Ireland, Jamie Renehan explains how they’re using client data to build both stronger marketing efforts and offer better customer service. They use data tools to spot significant events in people’s lives, like when they buy their first house or start a new job which helps Bank of Ireland to personalise their offerings to fit what customers actually need at different points in their lives.

A lot of banks try grow revenue from data, however, Bank of Ireland is putting their energy into understanding what customers want. They’re stepping away from just pushing whatever product is popular at the moment. Instead, they are working to provide choices that make sense for individuals based on what’s going on in their lives. This makes for a much better experience for the customer.

Think of it like this: instead of broadly advertising mortgages to everyone, they pinpoint those who just got married or had a child – events that often lead to needing a bigger home. Or, if someone just switched jobs, they might offer advice on  planning for retirement.

Instead of looking at client data as just a way to increase income, it can be used to boost client relationships and this strategy can make a bank stand out in a competitive market.