If there’s one rule for sending digital offers to customers, it’s this: keep them relevant. With advanced data analytics tools, you can easily find out what products your customers will find useful in a given situation, be it travel insurance for a trip abroad or a new foreign currency account to cut costs on transfers when, say, starting a new job abroad. And you have a good reason to do so: according to Microsoft, nearly 70% of customers think more highly of brands who contact them with proactive customer service notifications.
Here’s some inspiration for how to put your data to work and create on-point insurance and forex offers to wow customers.
Get travel insurance– Banks can detect when customers are travelling abroad by looking at geolocation information from their mobile devices or from the first transaction they make once they’ve arrived. Why not send them an alert to purchase travel insurance, for example? Plus, you can also include useful tips on foreign exchange rates or setting card limits.
No more forgotten insurance – You can activate pay-per-day travel insurance from an existing travel insurance provider based on customers’ current geolocation data. This solution is perfect for frequent travellers who don’t want to take out travel insurance for a longer period. Or any traveller who wants to shorten their to-do list before foreign trips.
Insure your new car or device – Send an offer to customers for buying car insurance when you notice changes in their car ownership profile, such as a recent purchase of a new vehicle. Similarly, banks can recognise when a customer registers for mobile banking services with a new device and approach them with an offer to insure their new mobile or tablet.
Get insured for sports accidents – Keeping offers relevant is especially important when offering insurance policies to keen cyclists, skiers or runners. Banks can tailor these offers to customer needs and habits based on the sports profile of each customer.
Use your account from abroad – Certain life events, like moving abroad, can also create great opportunities to woo customers with relevant offers. A bank can detect if a customer is staying abroad for longer periods of time or permanently, and proactively suggest they should open a foreign currency account.
Save on currency conversion fees – Banks can also keep track of card transactions, online purchases and ATM withdrawals in foreign currencies and calculate average foreign exchange conversion costs. If they can provide lower rates, it might be a good idea to point out potential savings to the customer and throw an offer for a foreign currency account or card into the mix.
Ready for more use cases? Download our free ebook “44 use cases for banks to boost engagement and improve digital offers with data-driven customer insights”.
