Predictive Returns for Commonwealth Bank with Live Chat and Predictive Targeting
Company Size
1,000+
Region
- Pacific
Country
- Australia
Product
- LiveEngage platform
- Predictive Targeting
Tech Stack
- Live chat
- Transcription analysis
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
- Revenue Growth
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - API Integration & Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Sales & Marketing
Services
- Training
About The Customer
Commonwealth Bank is a leading provider of integrated financial services in Australia. Founded in 1911, the bank has more than 52,000 employees and has remained focused on being the bank of the people. The bank's new brand campaign, “When you believe you can, you can”, asserts that the bank’s technologies and know-how will help its customers achieve their goals. The bank has been an early adopter of digital engagement, initiating a live chat pilot in 2009 to differentiate its brand and make it easier for customers to complete mortgage and other banking applications online.
The Challenge
Commonwealth Bank, a leading provider of integrated financial services in Australia, was looking to improve customer experience and support, increase conversion rates, and improve operational efficiency. The bank had initiated a live chat pilot in 2009 to differentiate its brand and make it easier for customers to complete mortgage and other banking applications online. However, the bank had reached a point of diminishing returns with its existing rules for customer engagement and needed to rethink its approach to targeting customers.
The Solution
Commonwealth Bank chose the LivePerson platform for its live chat solution, citing LivePerson's leadership in the space and the scale and security of its solution. The bank expanded its live chat program to all retail banking products and increased the number of concurrent live chat agents. The bank also engaged the LivePerson Customer Success organization for weekly performance reviews, engagement strategy analyses, staffing optimization, agent performance analysis, benchmarking against global performance, and ROI analysis. In 2013, the bank extended live chat to business banking and increased the number of concurrent agent seats. The bank also moved to Predictive Targeting, a feature of the LivePerson platform, to improve its targeting of customers.
Operational Impact
Quantitative Benefit
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