The global bank worked closely with Beyond to build data driven economic forecasting and consumer profiling to drive new market insights and a powerful PR platform.
About Commonwealth Bank of Australia
The Commonwealth Bank of Australia (CBA) is one of Australia's leading financial institutions, offering the full spectrum of banking and financial services. It caters to individuals, small businesses, and corporations across Australia and is involved in retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services.
As one of the largest banks in the Southern Hemisphere, CBA boasts a significant market capitalisation, extensive customer base, and a vast network of branches and ATMs throughout the country.
The bank's size and scale reflect its critical role in Australia's financial system, underpinning its ability to influence economic outcomes and support community initiatives. This places it in a strong position to understand the Australian economy and its impact on the country, industries and its local communities.
Reputation Benefit for CBA
Recognising this position the Commonwealth Bank of Australia transformed its vast repositories of data into a trailblazing economic compass.
By partnering with Beyond, they achieved a remarkable reputation growth through in-depth economic insights and consumer trend analysis.
This trail-blazing initiative underscores the transformative power of data analytics in steering economic policy and business strategy, emphasizing the bank's commitment to 'Data for Good'.
Introduction
The ambition was to harness their extensive banking data to forecast economic trends and consumer behaviors to provide unique insights into the Australian economy and solidify their reputation.
Beyond's collaboration with the bank marked the inception of a unique thought leadership series via the Economic Vitality Report – Viewpoint.
This trail-blazing initiative underscores the transformative power of data analytics in steering economic policy and business strategy, emphasizing the bank's commitment to 'Data for Good’.
"The Commonwealth Bank is now uniquely placed to provide its 10 million business and personal customers with insights into the Australian economy that will help them make better decisions on their financial future.
- Ralph Norris
(CEO, Commonwealth Bank)
The Challenge
The central challenge was to convert the bank's vast data pools into actionable insights without compromising customer privacy.
This was compounded by the need to connect many different data sources from legacy systems, with varying degrees of data quality together. In addition, this was an extremely complex , large project requiring the involvement of a wide set of technical and commercial stakeholders.
Beyond's advanced data modelling techniques anonymized personal information, ensuring ethical usage while maintaining data integrity in collaboration with economic advisors.
Solution Strategy
Beyond and the Commonwealth Bank employed machine learning models to dissect data across 27 consumer spending categories.
This unlocked access to granular insights that reflected not just the economic state but also the psyche of the Australian consumer.We combined these data insights with primary consumer research to validate and enrich what we saw.
A collaboration with NATSEM group provided an independent validation of the quality of Viewpoint
Unmatched Depth
10 million
customers
1.3 million
confidential
representative
sample
2000/month
consumer
surveys
Core differentiators of the solution
The CBA solution differentiates itself with an impressive sample size of 1.3 million consumers, enabling comprehensive insights.
Its leading indicators are available promptly, providing timely data for quick decision-making.
Additionally, it offers detailed geodemographic granularity, allowing for precise analysis and targeted strategies.
Results and Impact
The CBA solution differentiates itself with an impressive sample size of 1.3 million consumers, enabling comprehensive insights.
Its leading indicators are available promptly, providing timely data for quick decision-making.
Additionally, it offers detailed geodemographic granularity, allowing for precise analysis and targeted strategies.
Over 100 media articles, reaching over nine million people
Michael Blythe conducted over fifteen media interviews
Coverage on all free to air TV news channels + Sky Business News
Nearly 4,000 copies of Issue 2 were downloaded from commbank.com.au
"The gift that just keeps giving"
CBA PR Team
Lessons Learned
Interested in becoming a data driven organisation like CBA?
Let's discuss how our tailored solutions can empower your decisions and drive your success. Contact us today to explore the possibilities.
Why Choose Beyond?
Expertise
Our team of seasoned consultants has decades of combined experience in data strategy and consulting. We bring deep industry knowledge and hands on experience to every engagement.
Customised Solutions
We provide tailored solutions that fit with where you are on your data journey to address your unique data needs and challenges, ensuring a perfect fit for your organisation.
Value-Driven Approach
Our focus is on delivering real value through our services. We work to identify opportunities for cost savings, revenue generation, and process improvements.
End-to-End Support
We are with you every step of the way, from initial assessment to implementation and beyond. We are committed to your success.
Examples Of Our Work
