With the constantly increasing competition, it is important to not just gain but also retain members. If a new member does not engage in the initial days, it probably never will. So, to maintain a healthy member base, it is important to motivate members to use services like online and mobile banking, automatic payments, direct deposits, and more. It is the need of the hour to become their primary financial institution.

And, at the CULytics’ annual summit, Royce Ngiam (VP Marketing & Business Development) and Shira Spector (SVP/ Chief Data & Analytics Officer) shared their journey on Insights driven messaging for members and product onboarding.

The journey started last year by leveraging the data and tools to know the members, types of relationships and depth of relationship. The target was to understand how far and through what avenues strong relationships can be built. In continuation with efforts made last year, the focus is on how to communicate and serve the members.

Approach: Right Message, Right Time, and Right Place

Efforts have been made to evolve how members are approached, communicated, and served.

• People & Partnerships: Target is to make tight collaboration with member service organizations to align the touchpoints with members in ways that are rooted in data and insights. The data team is in tight alignment with member services in the marketing organization to reinforce the importance of the relationship in the journey. Time has been invested to learn the processes and how to deploy insights in their transformation.
• Tools: Braze: A new member Engagement Platform. It is in combination with internal CRM. It helped a lot in engaging and communicating with members across all channels. Also, the focus is on how to optimize these channels to serve the best to the members. Marketing automation through Braze has accelerated the journey to “right message, right time, right place” through the delivery of insights-driven messaging to new members and new product onboarding.

New Member Onboarding Automation

Automation has been done and the onboarding process is completed in support of welcome messages that are sent to members through emails. These emails are informative about the activation of mobile banking and other things. Such interactive emails are shared at regular intervals of time. Moreover, the focus is on making an engaging member onboarding.

Inputs have been made to make available Multi-Channels for the ease of members. Balances with members matter a lot as communicating the right information at the right time is quite important. As a result, it was clear that the previous Deposit Balance of $2487 increased to $4150 showing an increase of 66.85 %. And the average loan balance grew to $11242from $9981 with a 12.63% increase.

Credit Card Onboarding Automation

• Key Message Beats: It is about making members aware of activating/ using, mobile wallet/ existing payments.
• Very Early Results: Accounts that were opened for a credit card in 2019 had average monthly transactions of 3.60. While those opened in 2020 had 3.26 and post that average monthly transactions were 10.66 (After 4 weeks live).

Measure your goals and work consistently towards them. It is not necessary to be complex and accurate but the final result matters. So, when customers and members turn to you for additional services, just be happy as they are more profitable and likely to stick around. Just work on deepening the relationships. Try different things and access the best practice campaign templates and deliver tailored services and targeted offers that convert.