Giving online customers what they want starts with understanding who they are and how they behave. For a bank that interacts with its customers almost exclusively online, this is a mission-critical capability.
That is why one of the European divisions of a global financial institution turned to Accenture Interactive to assist with segmentation tools and techniques to optimize its website conversions and drive revenue generation.
This is the story of a collaboration that has influenced the establishment of a measurement culture within the division where ongoing analysis of customer data defines marketing strategies, drives website functionality and powers revenue generation.
This bank’s parent is a global financial institution offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. With millions of customers worldwide, the bank has hundreds of billions of dollars in managed assets and operations all over the globe.
This bank’s online-only savings accounts drove costs down and savings interest rates up, while spawning a number of comparable services from rival bank, each with similar strengths—and challenges.
A key business challenge was that the lack of face-to-face sales channels put the onus on the bank’s website to generate revenue by managing the customer’s path to purchase by segmenting, managing and selling to its users as effectively as possible.
Accenture Interactive teamed with the bank to implement one of the industry’s leading-edge digital marketing optimization platforms to help discover what each customer is looking for—and how to deliver it.
The process included mapping customers’ journeys to purchase; arriving via internal traffic, keyword search or display advertising to define key segment needs, preferences and intent.
The Accenture Digital Optimizer was used to boost website conversions. This solution uses Nobel-winning science to improve sales and conversion rates, free up IT and reduce costs. This tool helped to:
Optimize the marketing mix so that spending is directed to the best revenue generation levers.
Test more than 4,000 website home pages to identify the optimum landing page for each segment.
Identify critical points of contact to influence choices and manage relationships.
Consolidate and present the most recent marketing data for faster decision making.
Accenture Interactive helped the bank increase new account creation within this European division by providing smart, state-of-the-art segmentation tools and techniques to help optimize website conversions. Key accomplishment include:
Delivering better value
Increasing new account creation for the bank’s internal website referrals by almost 3 percent; key search referrals by 15 percent; and display advertising referrals by almost 50 percent.
Targeting the most effective option to optimize conversion, while monitoring the impact of changes.
Segmenting based on perceived value and palatability for other products.
Realizing greater speed and flexibility
Enhancing business and technology agility.
Lowering visitors’ time spent on the site searching for appropriate content.
Allowing for near real-time adjustments to the customer experience and on-the-fly adjustments.
Delivering better value
Optimizing the bank’s European site for the operation’s three most popular segments.
Reinventing the traditional marketing funnel to reflect the digital customer’s journey.