Features & benefits:
Identify customers at risk of switching
Learn from advanced analytics and propensity scoring to identify customers at risk of switching providers, and respond in real-time with personalized products, offers, or engagements to increase customer lifetime value (CLTV).
Encourage loyalty amongst banking customers
Boost loyalty amongst your banking customers and become their primary provider through contextually relevant engagements. Orchestrate journeys that align with customers’ evolving needs, whether they’ve demonstrated an interest in personal financial management (PFM) or retirement planning.
Improve NPS & CSATs
Ensure all brand-customer conversations are personalized, delivered at the right time, and communicated via the right channel to improve customer satisfaction (CSAT) and net promoter (NPS) scores.
Journey objectives:
- Banking Customer Loyalty
- Personalized Experiences
- Maximize Revenue Streams
Problem statement:
As consumers become digitally savvy, aided by the growing market of digital-first financial services providers, it’s becoming increasingly challenging for banking providers to encourage customer loyalty. Many customers are comfortable developing multiple relationships based on their needs and banking preferences; with the democratization of transactional data and the rise of open banking, there are greater opportunities to do so. The challenge for traditional banking providers is ensuring long-lasting customer loyalty and advocacy through personalized digital engagements that evolve as their customers’ needs.
Use case overview:
The Intelligent Engagement Platform empowers banking providers to foster customer loyalty by demonstrating a commitment to their financial well-being and ultimately becoming trusted advisors throughout important life moments (such as taking out a mortgage or preparing for retirement). Individual and detailed metrics – from the customers’ choice of communication channel and household insights to cross-generational banking preferences – guide contextually relevant engagements throughout the customer lifecycle and drive real value from acquisition to retention.
By identifying cross- and upselling opportunities, the Intelligent Engagement Platform enables banks to orchestrate customer journeys based on their future banking proactively needs to boost customer loyalty and prevent switching.
Solution approach:
The Intelligent Engagement Platform unifies all available data sets, including customers’ transactional and consented data, into a constantly evolving Customer DNA™. By creating a holistic view of each customer, enhanced by a layer of advanced analytics, the platform equips banks to create seamless omnichannel experiences, promote new products based on customer’s eligibility, intentions, and financial needs, and reward banking customers for their loyalty with individualized offers.
What’s more, sophisticated scoring allows banks to identify customers with a propensity to switch and target them at precisely the right moment with personalized offers enabled by real-time interaction management (RTIM) functionalities.
