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How Belfius Became a European Leader in Digital Banking with NGDATA

Results
  • A 40% increase in net profits year after year.
  • Pension savings deposits increased by 100%.
  • Pension savings sales with NGDATA outperform other Belfius sales channels by a factor of 1.2.
  • Car insurance sales with NGDATA outperform other Belfius sales channels by factor 2.4.
  • 46% of all Belfius customers who have ever made a sales request were triggered by the NGDATA CDP’s “Car Loan Flow”.
  • In the overall loan flow, up to 17% of the customers have made a sale request compared to only .183% of all the customers who have never been in that flow.

Summary

Belifus, a significant player in the personal finance and insurance market in Belgium, had a mobile app in place but wanted to take the next steps toward meeting consumers’ growing desires for a mobile-first engagement model. NGDATA helped Belifus increase profits by 40% year-over-year thanks to more timely, relevant, and targeted mobile offers.

Story

Belfius, a Belgian-based bank, was an early adopter of the mobile-first trend for customer support. Understanding that customers increasingly engage via smartphones, they decided to migrate client engagement and communications to meet evolving consumer preferences. 

After shifting to a mobile-first approach, Belfius’ smartphone app became one of the most popular and highly rated in Belgium. However, Belifus decided a great app was not a complete solution – they needed data and context to truly reshape the mobile customer experience.

Belifus knew their campaigns must be modern to meet the needs of modern customers and cultivate positive experiences. That meant letting go of a one-size-fits-all (or even one-size-fits-many) approach in favor of customer centricity and personalization.

The proliferation of mobile banking meant there was a corresponding explosion of customer data. This data was a potential gold mine of context and information that could help Belfius deliver better, more relevant interactions and additional value to customers.

“NGDATA is the only player in the market today with a pure focus on bringing analytics to the customer relationship-building process in such a targeted way. We are thrilled to work with NGDATA to accelerate our digital transformation and develop best-in-class customer insights to drive our business.”– Geert Van Mol, Chief Digital Officer at Belfius

Solution

Together, NGDATA and Belifus set an aggressive goal to complete implementation within six months. With 1.88 million mobile users who sign in daily, a future-looking model with 24-hour access and a focus on digital innovation was critical. 

NGDATA started by compiling all of Belfius’ data to establish an individual-level view of each customer in real-time, creating Customer DNA profiles. With those profiles in place, Belifus could learn from customer behaviors, context, and preferences to optimize omnichannel customer interactions. Most critically, they could begin delivering messages and offers that are relevant and meaningful to customers at the right moment via the right channel.

Belfius was finally able to contextualize massive amounts of customer data to deliver real results. The first use case was a next-best offer program around their pension savings product offerings, with the goal of increasing mobile deposits. A few months after starting the project, 60% of pension deposit activity was taking place via the mobile app – up from 30% in just one year. The uptick fueled a 40% increase in net deposits year over year, based on the improvements in timeliness and relevance of recommendations. 

Big data is new to Belifus, so NGDATA was a key partner in forging the initial strategy.

“NGDATA not only provided the solution, but the know-how,” explained Geert van Hove, Chief Information Officer at Belifus. “They really brought our people along in working with data, working with metrics, and working with algorithms.”

With NGDATA’s support, Belfius is moving forward with similar projects across its top ten product offerings, including credit cards, loans, and more. Each project is designed to create more relevant, timely offers and to further drive mobile interactions. Belfius is going above and beyond to gain greater customer loyalty by delivering the superior experiences its customers demand.

With NGDATA in place, Belifus knows its efforts are scalable to continue cultivating stronger customer engagement and driving significant results.

“We are only at the beginning,” shared Geert Van Mol, Chief Digital Officer at Belfius. “We feel comfortable that we’ve chosen the right tool that is scalable for the data revolution in our bank insurance company.”

Next client story
How NGDATA Transformed the Broker Experience at Alliant Credit Union
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