Cover Story: Taking Care of Business
A good example is a critical event in the life of a commercial customer—choosing a new channel, entering a new market, etc. Livesay says First Tennessee needs to understand when those moments occur and turn them into a "win-win" for both the bank and the customer.
"Information management is a huge component for all of this," he says. "The concept is making good use of all of the information that you have and connecting the dots between what customers need and what the bank offers. Even seemingly simple things—such as knowing a customer's email address or contact preferences, or the primary relationship manager for that customer—can be challenging. Having all that information with a very easy way to access it in one place is harder than you would think."
Livesay and his team solved that problem by building a "shared-services layer."
Using part of the proceeds from the sale of First Horizon's national mortgage company, the bank invested $100 million to upgrade all of its core operating systems, including its deposit and loan transaction systems, and then built a second shared-services layer. This layer is a repository of data from all of its various operating systems and channels, such as the branch, online banking, mobile banking, automated teller machines and call centers. The information from all of these sources is aggregated into a centralized master customer file, which can then be retrieved by any of the systems and channels in real time.
"We have the ability to bring it all together in a common place to redistribute back out," Livesay says. "That gives us a real advantage."
To make analytics and other IT functions work most effectively for the organization, Livesay's IT team members are "embedded" within each department. In the marketing department, an IT member works side-by-side with Marks and his team to analyze customer information as a foundation for certain marketing campaigns. Marks' team then uses that information along with additional analytics to develop and execute campaigns.