Meena Thanikachalam: How Data is Transforming the Customer Experience at Ally Bank

Meena Thanikachalam, Head of Data Architecture at Ally Bank
explains how building a world-class data platform in the cloud
will transform the customer experience and build loyalty


Traditional high-street banks were not at the forefront of the
digital revolution. However, customers today demand instant
access to high-quality digital experiences – a trend that has
only been accelerated by the pandemic.


Banks must use their data to develop a better understanding of
their customers’ needs, argues Meena Thanikachalam, Head of Data
Architecture at online bank Ally in this week’s episode of the
Business of Data podcast.


Thanikachalam heads up the team responsible for creating an
innovative cloud-based data and analytics platform for the bank
that is designed specifically with the customer experience in
mind.


“We are building a world-class data platform that will help
improve our customer experience,” says Thanikachalam. “And will
also help deepen our customer relationships and increase customer
loyalty.”


A core element of this customer relationship is to create an
experience for the customer which feels bespoke. That is why Ally
Bank have done the work to understand what their customers need
and when they need it.


“This platform is also looking at integrating omni-channel data
and also data that we have collected about customer preferences,”
she says. “Based on that we would provide a targeted and
personalized experience for them.”


Ally Bank is also using AI initiatives like cognitive computing
and conversational AI to further enrich the customer experience
and enable customers to do more without needing to speak to an
agent.


“In banking specifically, cognitive computing is used
predominantly to have human-like conversations,” Thanikachalam
says. “That is one area [in banking] where I see AI penetrating a
lot.”
Key Takeaways


Develop a 360-degree view of the customer.
Understanding what your customer needs and when they need it
will help you shape your strategy.


Write the data strategy to inform the customer
experience. Identify what data is needed and which
metrics will most effectively influence the customer.


Don’t forget the guiding principles.
Scalability, reliability, performance efficiency, and
operational excellence should guide your architectural work.