Customer Experience

Leading Mutual Bank

A leading Mutual Bank for more than 60 years.

Mark Worthington, CEO

What They Said

‘Having the ability to identify target opportunities, delivered through automated timely and relevant communications driven by member data will deliver a new level of customer service, improve retention, build a stronger membership base and revenue for the future success for this leading Mutual Bank.’

Situation

This leading Mutual Bank has grown its membership base as a result of multiple mergers. Members are of an aging demographic, thereby increasing the risk of database decline and reducing profitability. They are looking to find new customers from a younger demographic to develop a strong member base for future growth and deliver a new level of customer service to its members.

With the Royal Commission’s report into the banking industry identifying profits before people, consumer trust in banks is at an all-time low in Australia. Mutual Banks and Credit Unions have an opportunity to quickly demonstrate their differentiation in the Banking and Credit Union Industry.

Challenges

  • Having the ability to identify target opportunities, delivered through automated timely and relevant communications driven by member data.
  • A lack of marketing automation capability and an inflexible core banking system is making a multi-channel customer journey planning and timely communications, a very manual process which provides a minimal view of return on investment.
  • Difficult to analyse the effectiveness of customer targeting, staff narrative and inferred assumptions.
  • Data standardisation and automation is impacted by data collection methods and use of the core banking system.

Solution

Using Dovetail’s ‘Assess’ process, which involves gathering information about the Mutual Bank’s Technology, Processes and its People, Dovetail successfully provided invaluable insight to the bank’s data and how it could be used more effectively to drive member engagement and increase engagement.

Furthermore, Dovetail identified tactical internal and external opportunities to improve the impact of current marketing practices, which develops an improved member experience, plus identifying key opportunities to increase the number of new members.

Key Insights

Dovetail uncovered multiple areas of data-driven marketing opportunity and business insight:

  • 32% of the members at, or over retirement age, the need to focus on the lower age groups is clear.
  • 59% are of working age, but there’s a great opportunity to work with a key target group of the under 40’s which make up 26% of the existing base.
  • The 20-39’s (16% share of the base) are prime targets for lifestage focused communications, from student savings, to car loans and weddings.
  • 28% of the online accounts had not been active in the last 12 months, most notably, the 20-49 year olds, which have the highest online dormancy rates. These are prime target members, to enable future sustainable growth and need reactivating.

Aligning insights with business priorities

“Having the ability to identify target opportunities, delivered through automated timely and relevant communications driven by member data will deliver a new level of customer service, improve retention, build a stronger membership base and revenue for the future success for this leading Mutual Bank.”

This can be summarised into four key areas, which these insights and findings can align:

  1. A new level of customer service
  2. Building for growth with an ageing database
  3. Automating processes for operational efficiency
  4. Delivering a great customer journey to build retention

Our recommendations

  • Introduce Dovetail’s ‘hitch’ solution to extract core banking data to enable data-driven and targeted messaging to members using their marketing automation tools.
  • Document the customer journey trigger points.
  • Automation is the key to success.
  • Standardise campaign templates in a marketing automation tool based on campaign type to adhere to com.
  • Use dashboards to understand product portfolio, marketing contribution and opportunity value and compliance.

 

Got 7 minutes? Complete our free mini-assessment and we will provide you with some ‘nuggets of gold’ to get you started as well.

About this leading Mutual Bank

As a Mutual Bank, they offer all the traditional banking products and services that you come to expect, whilst keeping abreast of the latest technological advances in banking. These principles have ensured that members continue to benefit from an ever-changing banking environment whilst being offered the best possible service.