Event Based Marketing for a Financial Conglomerate
By now, you might be familiar with our expertise in executing large scale marketing programs across banks, Telcos and other verticals.
In this particular instance, let’s talk about a large private bank in India which had an ambitious plan up its sleeves. In order to increase the number of customers and to retain them, they decided to target the customers individually by analyzing different value parameters and the volume of transactions.
To put it simply: Let’s say, A is a customer who does business with a bank on a monthly basis. Every month he deposits a certain amount and withdraws at regular intervals. Suddenly, he withdraws all the money and starts maintaining the minimum balance. Naturally this isn’t normal behavior and the reasons can be anything – it could be a personal emergency or he might not be satisfied with the bank’s service.
Our bank wanted to address the situation. In the above example, for instance, they might offer value added services or higher interest rates – or an interest free loan for a financial emergency.
The possibilities were endless.
Naturally, the permutations and combinations of such instances for the entire list of customers was going to be huge!
Previously, Xerago had helped the bank increase their brand presence and acquire more customers by running multi-channel, multi-wave campaigns. In this case, it was required to really push the envelope to study the customer behavior and offer product recommendations in real time. We were required to build a sophisticated event based marketing module which would sift the user data and trigger an appropriate response for a predefined instance.
With that in mind, our team got down to business. We identified various instances for which an ‘event’ could be registered in accordance with the business rules. These business rules were built on top of an algorithmic “if-else” conditions sourced from the respective stakeholders.
After multiple brainstorming sessions we came up with 15 such ‘events’ which would the crux of this entire exercise.
The process was simple: Whenever a customer deviates from his regular transaction lifecycle which fulfills the pre-defined event conditions, such a customer would be contacted over different channels preferably via Email and Phone.
Sample trigger events could be –
- Drop in account transactions
- Personal information updates.
- Fraud identification and related triggers.
Now that the logic part was over – it was time for execution.
To build a sophisticated event based marketing module, we needed a solid foundation which would support the huge database and the inherent programming.
Based on our vast experience with other banks, we recommended and implemented IBM Detect – a world class event-based marketing platform.
These custom triggers built with IBM detect were then seamlessly integrated with the flagship IBM Campaign tool to set the ball rolling.
As a result, our customer saw a huge spike in customer activity. Customers would instantly receive notifications regarding their account transactions. IBM Detect module would trigger personalized communication based on the customer behavior – which in turn generated substantial leads for the sales team.
And more importantly, our client didn’t have to wait for the campaign to end to analyze the response. An active feedback loop ensured an immediate, action based response – everything in real time.
In retrospect, we not only helped our client augment leads and sales numbers – we effectively created a model to learn the customer behavior which proved to be highly useful for our clients in different business sectors.: