Case Study: Skandia
(via FastStats approved partner - Matrix-Data Ltd)
Using FastStats for better customer understanding and product strategy
Background
Skandia is a leading provider of long-term savings products with a range of innovative solutions for pensions, investments and protection. They approached Matrix-Data Solutions to provide a Single Customer View across their disparate business units incorporating all Skandia investors. The investor information included their products and holdings, in conjunction with third party demographic profiling information in order to deliver the most complete picture possible of Skandia's investors.
Objective
Matrix-Data's objective was to provide Skandia with a valuable information system to assist with research activities and product strategy as well as helping with TCF (Treating Customers Fairly) and other regulatory requirements.
Solution
Matrix-Data took an initial extract of all Skandia investors from disparate systems and rationalised them into a single view. The data was enhanced with profiling data and attributes from a variety of external sources including Experian Financial Strategy Segments and the Matrix Investor Database. Matrix-Data provided Skandia with in-depth and detailed recommendations on how to enhance their existing data in order to provide the best insight.
Matrix-Data delivered a tailored, hosted solution using Matrix-Clarity™, which offers the perfect platform for bringing disparate information into a common environment. They regularly consolidate all of the data and load this into the Matrix FastStats software. This gives Skandia unprecedented analysis and reporting capabilities that meet their specific requirements. These crucially include their brief to comply with FSA TCF ‘Treating Customers Fairly’ guidelines.
Rod Newing, Market Research Analyst at Skandia comments: "Matrix-Clarity™ has added depth and strategic insight into our customer base. The ability of Matrix-Clarity™ and ultimately the Matrix FastStats software to seamlessly allow us to cut, segment and produce key demographic and lifestyle information by product on our customers is hugely valuable. This is turn allows our sales and marketing teams to better understand our customers, and the type of products and services they are more interested in. This data also gets us closer to our customer and understanding their lifestyles enables us to provide a clearer and more transparent message about Financial Services to them in-line with the regulator's TCF principles. The customer landscape is ever changing so the ability to receive regular updates throughout the year on how this shift in our customer bases is changing is hugely important to us. Customer needs to sit at the heart of what we do – Matrix-Clarity™ puts into practice this theory."
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