Challenge
A bank with a wide range of loan and deposit products had problems informing customers about interest rate changes. Information often arrived too late or was unclear. The number of complaints and inquiries to the hotline and branches increased because customers did not know how the change would affect their loan installments or deposit earnings. The bank incurred additional costs associated with manually preparing and sending paper correspondence.
Action
- Automatic detection of interest rate changes
The iPresso system was integrated with the bank's product database and automatically responded to any change in interest rates on loans and deposit products. - Customer segmentation
Customers were divided into groups depending on whether the change affected their loan (and how it would affect their installment) or deposit (and how it would affect their profit). - Omnichannel personalized communication
Customers received personalized emails with detailed information about the interest rate change. For loans, the email contained the new installment amount and the new effective date. For deposits, it contained information about the new interest rate and the expected profit. The messages were simple and easy to understand. - Mobile push notifications
Short push notifications were sent to users of the banking app, informing them of the change and encouraging them to check the details in the app. - SMS messages
For customers who prefer SMS, short messages were sent with key information and a link to the details.
Results
- Customers felt better informed and appreciated. Customer satisfaction increased by 10%, as evidenced by completed NPS surveys.
- The number of inquiries about interest rate changes on the hotline and in branches decreased by 14%.
- The bank reduced administrative costs associated with manually preparing and sending information by 5%.
