CREDIT UNION

"By considering each customer’s unique situation, we can highlight the services that will be most relevant to their needs: lifting conversion rates for up-and cross-selling opportunities, boosting share-of-wallet and ultimately driving business growth."

Integrates

customer products, preferences and histories via API

Enables

360-degree customer view for personalized marketing

Creates

compelling up- and cross-selling opportunities, boosting share-of-wallet

Case study details

In the financial services sector, established institutions are facing increased competition from fintechs and non-financial services platforms. As part of a wider growth strategy, this leading U.S. credit union aims to tackle this challenge by incentivizing existing customers to use more of its services.

A spokesperson for the credit union explains: “Retention is a key enabler of most long-term growth strategies, but we saw an opportunity to go further. If we could inspire existing account holders to sign up for additional services, we could gain market share without the costs associated with new customer acquisition.”

To increase share-of-wallet across its personal and business products and services, the organization aimed to empower customer service teams to share tailored product recommendations.“We see that personalized recommendations produce higher conversion rates,” says the spokesperson. “Personalization can also promote greater satisfaction, as it shows our customers that we’ve taken the time to understand their needs.”

To match each customer with the optimal products and services, the credit union aimed to consider all available information: including each customer’s products, preferences and histories. However, the data was scattered across multiple silos, making analysis complex and labor-intensive.

 

Thanks to API integration from Axway, the credit union has created a single data repository for customer preferences, products and historical interactions: replacing laborious data-extraction processes and complex spreadsheets.“The Amplify platform allows us to get a 360-degree view of each customer in near-real time,” confirms the spokesperson.

“Today, we use analytics models to identify the optimal product and service recommendations, which we surface to customer services teams via Salesforce CRM.”By empowering its employees to better understand individual customer preferences, the credit union is promoting more relevant — and therefore more compelling — customer interactions.

The spokesperson concludes: “By considering each customer’s unique situation, we can highlight the services that will be most relevant to their needs: lifting conversion rates for up- and cross selling opportunities, boosting share-of-wallet and ultimately driving business growth.”