The Bank of Ireland (Dublin) recently implemented PMG System's TruPROFIT solution suite, a system that integrates the Cognos (Burlington, Mass.) Enterprise Business Intelligence Series system and Cognos ReportNet. PMG Systems is a division of Fidelity Information Services (Jacksonville, Fla.).
The bank decided to use PMG's offering in order to understand and serve its customers better, according to Eugene McCarthy, head of profitability measurement, Bank of Ireland's retail division. "We bought the solution because we needed to better understand the dynamics and the profitability of our products and of our customers," McCarthy says. "PMG and Cognos brought a methodology that allowed us to do this."
The bank can now link the income it generates at the customer level, for example, with an understanding of the costs that have generated that income, according to McCarthy. To understand customer profitability, the bank is aggregating customer data collected across multiple touch points, including deposits, retail loans, mortgages and credit cards. With PMG's TruCUSTOMER and TruANALYTICS solutions, which are components of the TruPROFIT suite, customer account profitability information is created and aggregated, and then pushed out to customer relationship managers. The data enables Bank of Ireland to segment the customer base and understand and measure growth in clients' portfolios.