Tailoring a personalized onboarding experience in banking

Context & Objectives

You only have one opportunity to make a good first impression. In banking, the first weeks of a customer relationship are crucial to secure long-term satisfaction and loyalty.

A leading bank was looking to personalize its new customers’ onboarding by recommending the right product to suit their individual needs.

Approach

We identified four types of customers by combining anonymized historical data of existing customers with their purchasing patterns.

For each, we ran four distinct up-sell model variants until we were able to single out the most relevant recommendation for each target group.

Finally, to automate the entire procedure, we designed a workflow that automatically fetches the latest available data and pushes an updated set of recommendations into the CRM on a bi-weekly basis.

Results

The impact on cross-sell rate from the workflow Model Agilytic designed can be seen in the adjacent graphic.

The final deliverable was an automated workflow that runs smoothly on the client’s existing infrastructure. It personalizes the onboarding of customers, leading to more than a doubling of the total cross-sell rate.