In the financial services sector, established institutions are facing increased competition from fintechs and non-financial services platforms. As part of a wider growth strategy, this leading U.S. credit union aims to tackle this challenge by incentivizing existing customers to use more of its services.
A spokesperson for the credit union explains: “Retention is a key enabler of most long-term growth strategies, but we saw an opportunity to go further. If we could inspire existing account holders to sign up for additional services, we could gain market share without the costs associated with new customer acquisition.”
To increase share-of-wallet across its personal and business products and services, the organization aimed to empower customer service teams to share tailored product recommendations.
“We see that personalized recommendations produce higher conversion rates,” says the spokesperson. “Personalization can also promote greater satisfaction, as it shows our customers that we’ve taken the time to understand their needs.”
To match each customer with the optimal products and services, the credit union aimed to consider all available information: including each customer’s products, preferences and histories. However, the data was scattered across multiple silos, making analysis complex and labor-intensive.