In the first part of this article, we started our deep dive into the practical steps of setting up a banking personalisation platform with Gellért Vinnai, W.UP’s head of product. This time, we’ll cover how to fine-tune your platform to make sure it meets all your business objectives – and your customers’ needs. 

3. Time to get real-time?

By this point, you’ll have created several variables for each customer. Let’s see what you can do with them. You can use customer variables to define micro-segments or personas and engage your audience with super-customised, super-relevant messaging. “Depending on their business and marketing strategy, banks can set up any type of campaign for any type of customer, using predefined variables. For example, you can target people who are pet owners, buy petrol at OMV and take frequent trips to Austria,” Gellért explains. But you can also do better than that.

Instead of sending out static campaigns, it’s also possible to target customers based on their life situation in real time. Or based on what financial help they need in their current life situation, to be exact. Let’s say a bank suddenly detects regular purchases of baby products and nursery essentials from a customer who hasn’t shopped for such items before. A spending profile change like this can mean that they’ve recently had a child so they might need a new savings account or life insurance policy for them. Or it can detect if a customer’s increased spending is likely to cause them to go into the red before their next salary arrives and offer them a short-term loan to weather the shortfall. 

The most important thing here for banks is to carefully choose the life and financial situations that are relevant to them. “W.UP’s platform comes with a wide range of the most common life events that banks can configure according to their strategic objectives. For example, they can set the probability level of cash shortfall at which customers should be alerted and approached with a loan offer low or high. If you reach out to low-probability segments, more people will receive the offer but fewer are likely to convert. High-probability customers, however, will probably be smaller in number but more likely to be interested in your offer,” Gellért sums up. 

4. Plan your next move

Next, you should configure how you will respond to these trigger events. Let’s say, you detect that a customer of yours arrives at an airport. Do you want to let them know about a new credit card that comes with great travel rewards or offer them travel insurance? Or would you rather send them practical advice, like a reminder to make their card limits vacation-ready or updates related to the coronavirus outbreak? The product development expert says: “Banks can set up campaigns to promote products and boost sales or help customers make travel less stressful while building customer loyalty. Or both.” 

5. Ready, steady, go

There’s only one step left: selecting the right communication channel for the right message. You can go with push messages, like notifications or texts that allow you to proactively reach out to customers with updates, offers of advice. Or you can opt for a pull-type response, meaning that customers will see a banner or widget when they decide to use their mobile or online banking application. Need more inspiration on how to delight your customers with personalised interactions and grow your bottomline? Read our latest e-book with 44 use cases for boosting engagement and digital offers through data-driven customer insights.


Chat with us

Schedule an appointment with one of our colleagues so we can discuss your specific needs. Fill in the form and we’ll get back to you in no time.