So, what are banking campaigns? Campaigns are orchestrated personalized customer engagement marketing efforts to attract prospects or clients and compel them to buy products, use features of a product, or use services associated with a product. A campaign can include several incentives, offers, or benefits and these can be designed for existing as well as prospective customers. Using a robust technology framework, effective banking campaigns and offers can be created for targeted customer segments and even align them to groups, relationships, and hierarchies. They can be created for new customer acquisition or to promote specific services, and for customer engagement and retention. Banks can run campaigns at the account level and even manage multiple campaigns simultaneously.
Example of campaign strategy categories:
Technology-powered campaigns are already in use at leading banks across the world.
A North American banking giant works with us to run highly successful campaigns. Their campaigns are categorized in two ways. Non-stackable campaigns that provide benefits to only one account under a particular client even though multiple accounts under it are assigned to different campaigns. The second are stackable campaigns where all accounts under a client get the benefits. The system has a multi-level approach to managing campaigns and benefits. Customers must meet certain criteria before they can be considered for a campaign, and once included, they must meet further criteria to be able to avail the benefits. For example, high-value credit card users can be targeted for a campaign, but the offer will depend on the number of transactions they make within a certain period. This not only ensures a hyper-personalized campaign strategy but also encourages behaviors that will help the bank achieve a specific goal – in this instance reach a certain transaction volume.
This bank runs campaigns for four specific objectives:
Another South African financial institution runs a campaign for its existing users that offers them price discounts and value-added services for upgrading their transactional accounts. We work with them to create product bundles and facilitate conditional selling and relationship-based pricing offers.
Banking campaigns with value-driven offers are a proven tactic to grow and retain customer bases, drive product adoption, and even increase deposits and revenues. With the right technology platform, banks can easily roll out effective campaigns with personalized value-driven offers that attract and engage customers.
In the current market context of increased competition and disruption, banks must consider working with experienced third-party vendors who can deploy a state-of-the-art middle-layer intelligent software solution over their legacy core to help implement and manage new-age campaigns. The future of banking is inextricably tied to technology, and banks must fast-track their digital adoption journeys to ensure continued profitability and growth.
