Optimizing Marketing Efforts in the Digital Bank

 

Reference Case 1: Campaign Optimization

Globally Operating Bank, Retail Branch

The retail banking branch of a globally operating bank collaborates with electronics retailers to acquire new customers for the bank.During the sell of an electronics product, the retailer offers customers a consumer credit on behalf of the bank. Marketing to the consumer credit customers, the bank wants to convert customers into their other products, such as current or savings accounts.Among more than 600,000 consumer credit customers, those should be approached that are the most likely to convert in order to minimize marketing expenditure.

Reference Case 2: Rotational Customer Churn

European Consumer Bank

A German retail offers money market accounts with particular high interest rates for new customers which drop after a few months to the normal rate. The bank experiences high churn rates for customers shortly after their interest rate drops. Some of these customers join again after they re-qualify for the new customer offerings. Having high customer acquisition costs, the bank has little benefit from customers that leave after having enjoyed interest rates for new customers. Thus, it aims at reducing churn of these new customers. At the same time, the bank wants to reduce the cost of reacquiring customers who have left.

Reference Case 3: Multi-Channel Next Best Offer

Global Bank

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A global bank experiences difficulties in servicing their customers across channels and providing a cohesive experience on both traditional offline and new online marketing and sales channels. As part of their digitalization strategy, the bank aims at integrating their on- and offline channels and provide customers a unified experience.One of the goals of the bank’s strategy is to provide data-driven and consistent offerings across all channels increasing customer loyalty and product conversion.Data about customers is collected in different systems, and log and transaction data for online channels is huge and growing immensely.

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