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Unformatted text preview: g Business rules and events in action
Having given a flavour of the way a rules-based approach to decisions aids better business outcomes and
yields benefits in the above areas, this final section looks a little more deeply at specific examples where rules
and events deliver value. For the purposes of this closer look, the Banking industry has been selected, but it
could just as easily have been the Healthcare industry, Retail, Insurance or a host of other industry verticals. For
consistency, this section will follow the five categories discussed in the previous section. Page 11 Rules-based decisions in banking – Customer focus
Customer care is an intensely sensitive subject for banks today. It has long been known in the banking industry
that customer acquisition is vastly more expensive than customer retention, and therefore there has always
been a focus on keeping customer satisfaction at an acceptable level. However the recent global economic
meltdown has caused consumer opinion on banks to hit an all-time low. As a result, banks are struggling not
just to keep customers but also to re-establish trust with them.
The customer care issue for banks has grown ever more complicated, however. With the emergence of new
channels for banking services such as mobile and internet banking, and the broadening of services offered by
banks to consumers in areas like insurance, equity trading and a highly competitive savings and loans market,
getting a 360 view of the customer is imperative in order to maintain customer satisfaction. Rules-based
decision management can help here, by offering highly personalized decision-making that takes into account
information across many different customer touch points in real time.
As an example, many banks offer special accounts with attractive interest rates for client savings, but often
these special rates are for a limited period. Consumers can get upset if they discover that they have passed the
end of the bonus period and the rate is now minimal. Most banks allow the customer to simply open another
‘special rate’ account and move the funds to get an additional bonus period. Using a rules-based approach,
whenever a c...
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- Winter '13