Netflix knows me better than I know myself. I’ve no sooner finished Killing Eve when Netflix suggests a Scandi noir I’ve never heard of but looks spot on. How did it know?
We know exactly how of course. Netflix collects vast amounts of data from its 100 plus million users and deploys that data to power a recommendation system that influences 80% of the content we watch on the platform.
The data is used to build customer loyalty, drive retention and engage with customers. We feel Netflix is watching out for us, taking our interests into account and anticipating our viewing needs.
We value Netflix’s engagement with us because it’s personal and it’s relevant.
Every business wants insights into their customers’ needs, wants and behaviour. Data is one of the most valuable assets for any business, because it allows businesses to get personal and to get relevant.
The advent of Open Banking last year opened the floodgates for banks to use data to get to know their customers better, anticipate their needs and ensure that the products they bought were affordable and safe.
And it’s been an exciting year for us at Castlight as more and more banks have used our suite of products to achieve unprecedented amounts of customer insights, so that they can provide a better service for their customers.
But what has also been immensely rewarding is the way in which banks are working with us to develop their own systems to manage and learn from their customers’ data. We are moving beyond an “off the shelf” approach and co-creating systems and solutions. Sometimes we get our customers up and running in under an hour by using the Castlight portal which requires no costly IT integration. But with other customers we collaborate using our Innovation hub, integrating our Application Widget or APIs into a bank’s or other lender’s customer journey creating a unique solution to deliver customer insights and customer engagement.
It’s exciting stuff.
And it’s good to know we’re not alone being excited by what data can achieve. I loved this description of their research team on Netflix’s business site:
“Researchers at Netflix love working in a unique environment enabled by the Netflix Culture that values curiosity, courage with smart risks, innovation, science, rigor, and high impact. Across the company, we strive to run experiments to back our hypotheses up with evidence, which often uncover surprises that redirect or refine our research. We relish the freedom to try new ideas and the opportunity to debate their implications with colleagues spanning all parts and levels of the company, including our own CEO.”
It sounds exactly like the way our Innovation hub works too.