01 Nov eventricity announces EDM project at Raiffeisen Bank Austria
eventricity Ltd announces the successful conclusion of an RFP process and the commencement of an Event Driven Marketing (EDM) Proof of Concept at Raiffeisen Bank Austria using their Timeframe and Coffee application software.
“Event Driven Marketing is a strategic part of Raiffeisen Bank’s Customer marketing strategy. After a detailed analysis of the market and an in-depth RFP process, we found eventricity’s offer to be a clear winner for our needs,” said Dr. Josef Holback, Head of Customer Analytics at Raiffeisen Bank.
“We are proud to have been chosen by the bank for their EDM Proof of Concept. Our selection in preference to our competitors IBM/Unica, SAS and Teradata, is a strong endorsement of our software, expertise and approach,” said Mark Holtom, director of eventricity Ltd.
Raiffeisen Bank Project
In serving customers’ needs, timing and reactivity were seen as key issues and for this reason Raiffeisen Bank have decided to implement Event Driven Marketing (EDM) in its customer contact approach. They selected eventricity as a company experienced in delivering EDM solutions into banking. Using eventricity’s Timeframe and Coffee, the Bank will be able to implement their initial EDM solution in 3 months.
“In today’s uncertain financial climate, the best and most economical use of our resources is critical and we feel that Event Driven Marketing is a key technology supporting the Bank’s marketing direction and image,” said Dr. Hanreich, Head of Marketing. “It helps us to clearly focus our communications to our customers, offering timely and relevant services”. “We wanted to offer personalised banking and we needed to be able to move and react more quickly. Not in months but in days or sometimes even in hours,” said Holback. “We will now supply our sales force with leads on a daily basis for those customers who need to be contacted that day.”
Event Driven Marketing
An Event Driven Marketing approach analyses the needs and actions of customers individually on a daily basis to determine when something significant has happened to them and that they require contact. This is termed Customer Pull instead of Product Push. Research and results have shown that the average response rates for Event Driven campaigns typically range from 20% to 50% compared to the 2%-5% achieved using traditional CRM methods
Timeframe and Coffee Timeframe is an application designed for implementing Event Driven Marketing. It is a pre-packaged application containing a data framework, a library of Events and all of the Business logic for the implementation of an Event Driven Marketing solution.
In its simplest form, Timeframe is an automated process which will take daily data feeds from a Bank, analyse them and produce a list of leads. These leads are Bank Customers to whom a significant Event has occurred within the last 12-24 hours. Coffee is a tool for filtering and optimising the Event leads generated by Timeframe before passing them to the Bank’s CRM Tool / Marketing Automation system for delivery to the Channels.
Timeframe and Coffee are designed to run in an automated fashion, and on a day to day basis require no user intervention. They are database and CRM tool agnostic. “Implementation of an EDM system has always been a bespoke effort requiring >$1m and 12 months to complete. With Timeframe, eventricity is able to deliver a working solution within a few weeks at a fraction of this price. This approach dramatically reduces the risk and payback time for the Bank,” said Mark Holtom, director of eventricity.
The Raiffeisen Banking group is the largest bank group in Austria. Almost every second Austrian is a customer of the Raiffeisen bank. The Raiffeisen Banking Group provides the densest banking network in the country and is a universal retail bank offering a complete range of financial products and services.For further information see Raiffeisen bank