5-Minute Interview With Matthew Fabian, BMO Bank of Montreal
The customer is always right. And now, the customer is more in control, with so many choices and less cost to switch providers, products or services. BMO Bank of Montreal understands that doing business from a purely process- and product-focused point of view in this competitive environment doesn't best serve its customers' needs, and can impact future growth.
We spoke with Matthew Fabian, the bank's senior manager of customer acquisition and development, to learn how it shifted its perspective to a more customer-centric model when it implemented its Mosaik Mastercard program three years ago, and how enterprise marketing management technology helped.
Target Marketing: Why did you launch the Mosaik Mastercard initiative?
Matthew Fabian: The underlying objective was to increase the value proposition to our customers. The typical industry model creates a bundled product that's very hard-coded in terms of the features, rates and pricing. We wanted to change that paradigm. The platform for the Mosaik card is truly modular. We unbundled everything and offered people a suite of features and reward systems so they could choose the ones that best fit their needs.
TM: How did enterprise marketing management technology help in the process?
MF: We had to undergo a massive infrastructure change, requiring a substantial technology and analytic redesign. Using Unica's Affinium Campaign Suite for the communications platform helps us manage our entire communications infrastructure and our decisioning around customer treatment. We now have an integrated decision environment that goes across all different customer types, considers all different interactions, applications and features, and comes out with an optimized set of segments and treatments. We can run campaigns at different intervals and have various components run at different times. Campaigns that used to take several weeks to design and implement now can be implemented within days.
TM: How successful has the Mosaik initiative been from a customer standpoint?