Use of digital banking products increases customer retention because they are “sticky” services (online banking, mobile banking and bill payment). The bank wanted to drive more adoption of these products and services as a component of a more proactive retention program.
FI Works designed a campaign which would target existing customers to increase the use of the bank’s digital banking products and services. The campaign would be executed by banker outreach on the frontline. From the beginning the vision was that this type of campaign could be repeatable to frequently generate calling lists for bankers to work on during lull time during the business day.
Campaign details of how it worked.
Frontline bankers made use of outbound calling and emails to their customers which were identified as likely to make adopt digital banking channels. The campaign produced a 25% response rate and the bankers were thrilled with the success of their outreach. The details of the campaign are outlined below:
Solving the Data Dilemma
Complete Customer View
FI Works consolidates a bank’s customer data from across all the different banking system silos daily. This up-to-date picture of its customer made it possible to analyze how the current customers were using different digital banking.
“Bankers are expected to keep in touch with their customers, FI Works helps feed the bankers with information that would be of value to the customer to discuss.”
Keith Henkel, CEO, FI Works
Making Intelligent Targeting Easy
Identify Customers Most Likely to Use Internet Banking
Using its analytical engine, FI Works examined the bank’s current customers to identify usage trends across its digital products and services. They were looking for patterns in adoption and ranked customers based on the results. The findings provided characteristics which were used to produce an online task list of customers most likely to use Internet Banking for each banker.
Intelligent Relationship Building
FI Works generated “Intelligent Relationship Calling” work queues for the bankers on an ongoing basis. Rules were set up to generate task lists driven off the list of customers likely to adopt online services that were shown on the customer’s profile which helped the banker prepare to discuss what types of things the bank could do for the customer.
You can’t simply check in on a customer – bankers must do homework so they are ready to discuss things they can do to help.
Driving High-performance Behavior
Dashboards & Scorecards Motivate Bankers
FI Works set up a dashboard to track the bankers calling and email activities for the targeted internet banking campaign. Everyone could see the bankers’ performance which proved to be quite motivating as well as rewarding for the bankers. The overall campaign produced a 25% response rate, and the bankers were happy that their calls were so positively received by their customers.
The Proof is in the Numbers
- 25% Annual Savings
- Improved Retention Through Sticky Services