Tailoring a Personalized Onboarding Experience [for Bank Firm’s Clients]

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 large banking firm 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.

Impact on cross-sell rate (illustrative data). Click to enlarge.
Impact on cross-sell rate (illustrative data)

Impact on cross-sell rate (illustrative data). Click to enlarge.

About Agilytic

Since 2015, Agilytic helps innovative leaders solve their biggest challenges through the smarter use of data. With over 80 successful projects to date, we have perfected a pragmatic approach to putting data at the service of business goals, be they commercial, operational, financial, or human. Reach out today for a quick introduction, we’d love to hear from you.

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