Tailoring a personalised onboarding 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 thus, loyalty.

A challenger in the sector was looking to personalise the onboarding of its new customers by recommending the right product to suit their individual needs.

Approach

By combining anonymised historical data of existing customers with their purchasing patterns, we identified four types of customers.

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.

Result

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

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

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