A large regional bank spent significant time and money to redesign its website with the intent of increasing self-serve capabilities by allowing customers to take action and apply for more products. The results had actually shown a decline in customer self-serve and an increase in site abandonment. The cosmetic look-and-feel of the site had been markedly improved, yet the content remained primarily information only. Customers were not taking action at a rate that would reap a return on the redesign investment.
Solution
The bank engaged Ignite Financial to add interactive, self-serve Customer Relationship Guides and best practice navigation to their website. After a few months of capturing data directly from customer interactions, Ignite was able to provide the bank with the segments of visitors most likely to apply for specific bank products and services. Targeted messages were created using Ignite's predictive analytics then strategically placed throughout the bank's website. Benchmarking before and after metrics provided the blueprint for a successful project. Refining the solution at regular intervals was possible through Ignite's tracking of key performance indicators. Ignite implemented a disciplined methodology of altering specific variables and measuring the results which paid off with keen knowledge of which changes resulted in the greatest impact.
Results
Applications for products and services more than doubled. Traffic to related products and services increased over 300%. Customers were now taking action to learn more, request contact or remain in self-serve. Ultimately, since more products were being sold online, an ROI for the new service was realized in less than six months.
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Engaging Customers Online Reveals Financial Needs
Challenge
A large national bank had a plethora of products and services to offer prospective customers, but many visitors to their website had trouble determining which products where relevant to their needs. Visitor abandonment was high and applications for new products were low. Focus group testing had shown that customers searched the site for products and services specific to their needs, but the majority found the process too time consuming and confusing due to the number of choices. The bank had tried static question and answer forms online to match customers to suitable products, yet the results were insufficient. The static forms had not achieved their goal of increasing applications since the approach was one-size fits all.
Solution
Ignite Financial's dynamic, interactive technology was the answer for an online solution that kept visitors interested in revealing their personal information to learn the products and services best suited to their needs and preferences. While customers educated themselves on the bank's products, Ignite's predictive engine was modeling the customers' online behaviors to confidently know what to change on the site. The best product was presented to each customer in context to their personal financial situation while other (related) products were also presented during the experience. This further increased the customer action rate and multiplied cross-sell results.
Results
Apply rate increased from 2% to 12%. Inquiries and actions on cross sell rates ran at 60% plus month after month. Understanding customers' finances outside the bank's four walls provided the knowledge to apply best practices target marketing and the vehicle to capture greater wallet share of each customer.
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Knowing When To Offer Free Checking - Matching Customers To Products
Challenge
A rural community bank offered a free checking product to attract new accounts and to counter pressure from the competition. The bank opened many new accounts utilizing a "free checking account" campaign only to encounter major customer service issues a few months after enrollment. Many new free checking customers were complaining that the free checking was not exactly free. This prompted the bank to engage a consulting firm to evaluate the bank's entire sales process. The findings concluded that the sales team lacked sufficient product knowledge and the tools to properly evaluate the customer's needs in a quick and efficient manner.
Solution
Alternatives such as CRM solutions were considered, but were too costly and implementation was long and complicated. Static questionnaires were time consuming and ineffective for customer insight and cross-selling. Ignite was selected to provide intelligent tools that helped the sales team choose the right checking account based on the needs and habits of each customer. The customized interactive tools were designed for online self-serve use and in the branches for front-line representatives to use at their desks. By turning the screen towards the customer, together they would interactively enter information and receive relevant product recommendations as well as consistent up-sell and cross-sell solutions. If free checking was the best option for the customer, it was offered along with the benefits of the up-sell product.
Results
The rate of offering the "free checking account" went from 68% of the time to 25%. Front-line branch personnel no longer relied on memory or brochures to make product recommendations. Online, the apply rate went from ½% to 9%. Although, originally Ignite was consulted to solve the consumer checking issues, the bank engaged in a multi-solution service for consumers, businesses and investors.
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Generating Revenue From The Online Channel
Challenge
A community bank sought to improve its website's productivity by adding increased functionality and interactivity. The goal was to achieve mass customization and make the website a destination point of choice for customers and employees to interact with all products. This bank's website was primarily an online brochure with form-based Q&A, which provided general information on its products and services. Management desired a solution that would immediately grab the attention of its online customers, assist consumers with their financial needs and cross-sell the institution's products and services while gathering information about its website's visitors. They wanted their website to generate sales and provide the ability to quantify the success of Web investments.
Solution
Ignite's Customer Relationship Guides provided this institution with an Internet-based sales and marketing tool that gathers and uses customer information to generate leads, cross-sell products immediately, increase profitability and develop future product offerings. Of particular interest was the easy to use financial planner with graphical charts that provides customers with personalized analysis and advice on the bank's products complemented by customer-centric messaging to attract more website visitors. To supplement the customer experience when applying for products (since the bank did not have online applications for many of its products), a lead distribution system was designed to pass interested prospects to the nearest branch in order to begin the application process before the customer arrived at the branch.
Results
After implementing Ignite's interactive guides, this financial institution saw a return on its investment in just two weeks. It experienced a 62% increase in applicants, and its close rate on quality applicants rose by 50%. Over 60% of the users also took some kind of action on the site, resulting in a noticeable increase in the cross-selling of the institution's products and services. Representatives from the financial institution stated "we had no idea our customers looked like this" after reviewing reports generated by Ignite that showed the profiles of consumers most likely to purchase a specific type of loan. The financial institution utilizes these profiles to tailor its marketing efforts and develop products and services its customers' need.
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