SAS helps financial institution to gain insight to provide relevant customer offers
customers, but no branches
ICA Banken cut campaign design from six weeks to one day.
- We have more than 750,000 customers, but no branches so we meet our customers mainly digitally, says Linus Axelsson, CRM manager at ICA Banken. Our goal is to give our customers a personal experience even in digital channels. By being personal and relevant, we can entice our customers to use more of our services, giving us the opportunity to offer just the right thing to the right person, whether or not they visit us through our mobile app, by phone or through the website.
ICA Banken is part of the same group as ICA, Sweden's largest supermarket chain. The ICA card is used by more than 2.5 million individuals, and for many customers, it is the link between ICA Bank and the store in which they shop for groceries.
- Our customers often visit us through our digital channels, for example, to perform different banking services such as making payments, checking their balance, renewing cards, etc., says Linus Axelsson. We are a full range bank. Our challenge is to show these customers relevant offers when they use the app or our web, offers that are so good and relevant that customers start using more of the bank's services.
Two people today only need one day to create the same value as previously required three people for six weeks. Linus Axelsson CRM Manager ICA Banken
Reading customers’ digital behavior
ICA Banken is thus a full-service bank with mortgage loans, savings and other services that all the major competitors have. In addition, there are insurance offers, such as for pets, houses and cars.
- We obviously want our customers to use all of our products that are relevant to them, and that are profitable for us, says Linus Axelsson. That's why it is so important to read the customer's digital behavior, while matching it with the information we have about their situation as customers in the bank. But for reasons of privacy and security, it is important to handle all information with extreme caution.
To get a unified view of its customers and create personalized offers, ICA Banken relies on SAS® Customer Intelligence 360. The bank's digital data, such as the user's path to the bank and his or her navigation and other behavior on the app or website, is collected in real time. Bank data, on the other hand, is in a Data Warehouse. This data is combined with a pseudonymized customer key in a cloud solution and together, these data sources create rich opportunities to customize the information displayed.
- We harvest digital behavior, says Linus Axelsson. We can see when, for example, a customer looks for more information on mortgages. We can then decide to show a customized offer for mortgages, depending on his or her economy and history the next time the person visits the bank. Or we may choose not to show an offer for mortgages, if the analysis indicates that the customer in question can’t handle more loans than he or she already has.
Efficient conversion rates
The first campaign with the new systems was launched on February 20, 2018, giving more than ten times better conversion rates than any previous campaign.
- We have increased our efficiency several times over since we got our systems and processes in place, says Linus Axelsson. Designing a campaign, which previously took three people six weeks to produce, today is handled by two people in one day. And we aim to do it in a few hours.
- It is good to fail quickly, says Linus Axelsson. In the past, we could spend weeks developing campaigns that, for various reasons, did not work. Now we can test, reject, redo, try again - it's fast and gives a huge boost of both productivity and conversion. Another advantage of working with the absolute best technology is that it is easy to recruit talented analysts and campaign resources.
ICA Banken – Facts & Figures
ICA Banken is a part of ICA Gruppen
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