Challenge
The bank noticed that despite having good financial products, customers rarely used them or opted for the simplest options. The bank struggled with low interest in more complex products, such as investment funds or pension plans. Many customers had trouble fully understanding the terms and conditions of the products, which led to dissatisfaction and increased customer service workload.
Action
- Analysis of customer education needs
Surveys were conducted among customers to understand which products caused them the most problems and what information they needed to make decisions.
We examined at which stages of the customer journey the most questions and doubts arise. - Preparation of articles and guides
A series of short articles written in simple language were developed, e.g., “5 things you need to know about cash loans,” “How to build a home budget.” - Sending educational newsletters
Depending on their interests and the products they had, customers received personalized newsletters with links to relevant educational materials. For example, customers with a personal account but no savings account received emails about deposits. - Mobile push notifications
After logging into the app, customers saw personalized banners linking to details of products that might interest them.
Results
- Customer awareness of key products increased by 23%.
- The bank increased sales of promoted financial products by 16%.
- The number of questions about basic financial issues on the hotline decreased, which reduced the workload of the customer service department. The time spent serving a single customer was reduced by 25%.
