The data-driven, multi-platform mutual that could

Teachers Mutual Bank (TMB) is closing the circle on a multi-year, digital transformation strategy that its CIO says has left the bank more agile, more experience-driven and ready to compete with Tier 1 lenders.

TMB is concluding a five-year digital roadmap with one final tie in, populating its entire digital ecosystem with the implementation of Dell Boomi’s cloud integration platform. As well as allowing TMB to maximise value from existing investment, the Boomi platform supports merger activity and expansion objectives by providing a means to quickly plug new businesses into existing operations.

“When we kicked off our long-term digital project, it was clear that mobile platforms were going to be the prominent platform-of-choice for our members’ interactions with the Bank,” said David Chapman (pictured), chief information officer at TMB. "In particular, we correctly anticipated that integration best-of-breed apps from third party developers would provide the best platform to deliver omni-channel experiences on customers’ terms.

“Once we modernised our environment through the introduction of these best-of-breed apps, we needed the critical component to tie all that data together on an ongoing basis. We selected Boomi for its powerful cloud-based and user-friendly integration software so that we can ensure that all data is accurate and up-to-date no matter where it is accessed.”

The Boomi project is the final piece of TMB’s wider digital strategy through which it overhauled its customer service capabilities, Theresa Mason, TMB’s chief sales and marketing Officer told AB+F.

“We have always operated on a remote service multichannel basis. In recent times we have begun to design better journeys for the customer, based on channel integration self-service preferences," she said.

“So regardless of how the customer chooses to engage, our goal is that their experience is easy and consistent, meets or exceeds their expectations, personal and seamlessly flows."

Fragmented ecosystem

In just four years TMB has deployed a series of technological initiatives supported by significant investment budgets, encompassing connectivity to manage third-party campaigns, inbound data feeds from cloud-based data sources and SMS integration with webforms for new brand opportunities. According to Mason, only a couple of years ago TMB’s digital ecosystem was very fragmented.

“It was process-driven rather than experience driven. At that time we were only supporting one brand; we now have three (UniBank and Firefighters Mutual Bank as well as Teachers Mutual Bank),” she noted.

“Today we are very much a data-driven organisation. We use data analytics to help us better understand customer journeys, track campaigns and introduce marketing automation to manage campaigns and start the concept of engagement marketing."

According to Mason, the digital ecosystem today is entirely cohesive - it’s multi-branded and multi-device responsive, it has multiple platforms and with the bank’s investment in business intelligence TMB will enjoy an integrated view of its performance and service flows. 

The new integration platform-as-a-service (iPaaS), allows the bank - which began its journey to digital self-realisation in 2013 - to create a flexible, enterprise-wide data environment that links its core customer management system and extensible services layer with its internal processes.

In essence, the once traditional lender is digitally poised to provide an omni-channel, mobile-first experience.

“Our customers want to be able to easily and conveniently self-service. As we better understand the customer journey from end to end - what are their needs at different times, and also their points of frustration - we are focusing on what channels of communication and engagement they choose to use, why and for what purpose,” Mason said.

“Our customers in particular are early adopters of technology (this was highlighted in a recent Roy Morgan study) and are comfortable using a variety of technologies. Our remote service model is a key driver of why we invest in developing our digital ecosystem, rather than retail branches,” she added.

Cheaper running costs

According to Dell, its Boomi platform has “boosted TMB’s competitiveness against Tier 1 banks by connecting multiple capabilities, and enabled it to quickly and easily capitalise on new technologies”, including innovations in fintech.

Boomi also provides TMB with a direct connect to third-party fintech developments, while, according to Dell, the platform’s automation delivers cheaper running costs which “may increase significantly” as the tech integrates further into TMB’s core banking systems.

The new platform also supports merger activity and expansion objectives by providing a means to quickly plug new businesses into existing operations.

The bank has already engaged with Spriggy (a prepaid Visa card for children controlled through a mobile app) and is considering personal financial management applications that will deliver additional secure, customer service capabilities to its members.

“It’s early days, but one of the things we want to explore is Artificial Intelligence, because we believe that will help us better meet customers’ self-servicing needs," added Mason.

In the end, she said, it’s about improving customers’ financial wellbeing, providing real insights into financial health and supporting effective money-management.

“The tools have changed, but the goal is still to help TMB customers build their wealth and have a comfortable financial existence,” Mason said.

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