The bank was finding that the response rates from their traditional targeted marketing were low.
The contact rate for more than 68% of their customer base was less than once a year.
At the same time their relationship managers did not use their contact management system as they believed that they ‘knew their customers better’.
The Bank is the leading universal bank in the country with over 4m customers (1.6m used in the initial roll-out).
After doing a lot of market research and attending conferences, the Bank decided that implementing Event Driven Marketing would be the best solution to address their needs. They launched an RFP process to find an EDM supplier, which was won by eventricity.
The objective was to analyse bank data and to deliver optimised EDM leads to the personal banker and on a daily basis. These leads would enable the Relationship Managers to contact their customers when there was a need, rather than because they were on a list.
For the trial these daily leads would run alongside and then eventually replace the monthly lists provided by their campaign management system.
Eventricity’s Timeframe and Coffee software was installed in the bank and used to feed daily, Event leads to a selected group of branches. Using feedback from the users, the system was then tuned and changed to meet their needs more accurately.
The system was then rolled out, on a phased basis, to all other branches in the network.
Within a month of the pilot starting, the Bank saw a marked difference in the number of contacts and opportunities generated by the pilot banks compared to the non-pilot banks.
It seems that the Relationship managers that ‘knew’ their customers were in fact missing over 75% of opportunities. On learning of the success of their colleagues in the pilot, they soon changed their minds and demanded the roll-out of the software to their branches.
After the pilot had been completed the bank did an analysis of the change in product holdings and Assets Under management (AUM) of customers with EDM contacts compared to those with no contacts.
Finally, the bank saw a churn rate for EDM contacted customers of just 1/8 of that for the rest of their customers.
The project cost €550k and achieved payback in less than 6 months.
The bank has also implemented eventricity’s Offer Manager module which provides the relationship manager with detailed and individual communication texts for each customer lead.
Now bank contacts from all sources are filtered and optimised though the Coffee engine, providing each relationship manager with a daily list of prioritised ‘to do’ contacts.
Learn more in our Bank Product Sales case study here