Challenge
A bank with a well-developed online banking system observed a high percentage of abandoned loan applications in its system. The company was using its marketing resources inefficiently because the leads generated in its campaigns were not being fully converted. The bank wanted to find out the reasons for the abandonment of applications and encourage customers to return.
Action
- Monitoring the status of applications
The system automatically identified customers who had started filling out an online loan application but had not completed it. Applications were classified based on the stage at which the customer interrupted the process. - Setting up automatic notifications
Customers received personalized emails reminding them of their unfinished application. The email contained a direct link to the place where the customer stopped filling out the form and information about how much time was left to complete it. The content of the message varied depending on the type of loan and the stage of the application. - SMS reminders
If there was no response to the email, short SMS messages were sent with a reminder and a link to the application. These were particularly effective in the case of urgent deadlines. - Personalized content and tips
The reminders included helpful information on how to complete the application and contact details for support (hotline, advisor) in case the customer had any problems. The content was tailored to address the most common customer concerns and make it easier for them to make a decision.
Results
- The reminders proved effective. There was a 21% increase in the number of completed online loan applications.
- Users were eager to submit loan applications and return to abandoned forms. The bank recorded a 16% decrease in customer churn.
- Customer satisfaction increased by 19%, as measured by NPS surveys available in iPresso.
