Function:

Optimize mobile banking interactions by driving targeted content

Products:

IBM SPSS Modeler, IBM SPSS Statistics, IBM Cognos Business Intelligence, IBM Digital Analytics, IBM Campaign, IBM Opportunity Detection, IBM Interact

Challenge



This regional bank wants to double its online account sales in just a few years. To accomplish this goal, it needs to take advantage of the small window of opportunity that opens when a customer logs in to the bank’s website or mobile app. Each of these types of customer experience provides a wide range of information about customers’ behavior, from what search terms they enter to what account activities they monitor. The bank wanted to take this raw data and turn it into actionable insight that would help inform marketing campaigns. They also wanted to use this information to personalize the customer experience to drive sales and improve customer service.

Essentially, the bank wanted to make the most of the time customers spent on its web and mobile sites by delivering personalized content and targeted marketing messages. The bank also wanted to tap in to the data captured during virtual interactions to help tellers and call center employees improve customer service and identify more up-selling opportunities.

Solution



The bank implemented a behavioral analytics solution that captures customers’ online and mobile behaviors in near-real time, recording things such as how often customers check their accounts, what banking products they browse online and their calls to customer service. It even predicts significant life events, such as having a baby or buying a house. The solution then applies business rules to the data to target individual customers with banner ads, email messages and product recommendations. For example, if a customer begins researching home loans, a personalized mobile landing page might include information about the bank’s mortgage services. The solution also provides customer insight to the bank’s tellers and call center employees, who can use this information to improve customer service and drive sales.

 

Results



When the bank used the solution to take a closer look at its home page, the bank quickly discovered that the page’s login functionality needed to be improved. By making changes in accordance with these findings, the bank improved the speed with which customers can access the bank’s services by 13 percent. Other changes to the web page brought about a three percent decrease in bounce rate. The solution also helped increase the frequency with which the bank runs web traffic reports from monthly to weekly. Running reports more frequently gives the bank a better sense of what customers want and helps it more proactively address technical issues.

Most importantly, by analyzing the way customers behave on their computers and mobile devices, the solution creates distinct customer profiles that the bank can use to personalize the customer experience by pushing targeted ads, suggesting appropriate products and sending compelling email message.

The bank can now ask important questions of its data, such as:

  • Which customers are experience significant life events, such as having a baby or buying a house?
  • Which customers are browsing our products, and what products are they browsing?
  • Which customers use online banking more frequently and which use mobile banking more frequently?