The Bank was finding that the response rates from their traditional targeted marketing were decreasing as their market became more mature. Over the previous years the rates had dropped from 8% down to 3-4% and it was still decreasing.
They are a universal bank with 750,000 customers, 3rd largest in their market.
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.
The objective was to analyse bank data and to deliver optimised leads to the call centre and the personal banker and on a daily basis.
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 dedicated group of 5 people in the call centre. This meant that the pilot was cheap to set up and the training effort was minimal. Not only this, but the results of both systems could easily be compared with each other.
In the rollout stage EDM leads were integrated with the Bank’s CRM system providing the personal banker with a prioritised list of Events and actions along with a single, comprehensive view of each customer.
Within a month of the pilot starting, the Bank saw a marked difference in the customer response rates for EDM leads compared to their traditional outbound lists. After monitoring this for 9 months, they were able to produce the following diagram showing sales rates of 54%.
Not only this, but their research showed strong increases in both Customer and Staff satisfaction levels.
Finally, the bank did an analysis of Assets Under Management (AUM) for customers at risk of attrition and found that those contacted using an EDM lead actually increased their AUM instead of decreasing as was seen elsewhere.
The project cost €325k and achieved payback in less than 6 months.
The intention is to develop new Events in other areas such as sales, risk and service, along with the integration and delivery to other channels.