Last month at FinovateEurope 2013 we were proud to present our newest feature of Backbase Bank 2.0 Portal: The Digital Marketing Module. This module provides powerful Amazon-like promotional features by combining offline CRM data with online behavioral data. Today we are happy to release a video of our new module in action,as seen at Finovate, showing how banks and credit unions can easily enhance their online marketing and make their customers’ online experience more personal and more relevant:
“What you’re looking at right now is a customer’s banking environment. This is where customers can see an overview of their accounts, transfer funds and a few other things. As you can see, this platform is far from being personal or relevant. Notice how, when I switch from one customer, named Mark, to another, Phil, the view doesn’t change. And again, switching to Ann, it is exactly the same. It’s not personal or relevant.
This bank is missing out on a huge opportunity by not carrying out online marketing and sales campaigns within it’s secure internet platform. Your bank probably runs its online promotions on the marketing website too. However, what we’ve seen in web analytics and learnt from our customers is that 85% of visitors only use the marketing platform to login to their personal account. It makes sense that if that is where the visitors are, then that is where your online promotions should be. So, how can you do that? That’s exactly what we’re going to show you today with the newly released Backbase Digital Marketing Module.
First, I’ll open the Campaign Manager to show you how we create a campaign. The Campaign Manager has been created especially for the Digital Marketing Professionals at your bank. As you can see, right now I have 3 different promotions running: a British Airways affiliate credit card, a mortgage promotion and a savings account promotion. At any time I can optimize these promotions any way I like by changing the messaging or even changing the image being used. It’s that simple – what you see is what you get.
The next step is to add that Amazon-like power to these promotions. What makes Amazon so powerful when it comes to online cross & up-sell? They do a superb job of combining offline CRM data with online behavioral data like user clicks, searches, contextual information and social data. This makes their promotions unique, personal and relevant to their many customers and audience segments.
Backbase gives banks the same abilities, delivering the Amazon-like personal marketing experience inside their secure online banking platform.
We do this by using the Backbase Targeting tool. If you look here, we are promoting the British Airways Credit Card only to the “social students” group. We took the age data from the banking system or CRM profiles to define the age range, making sure that it was a student account, then we checked the past account behavior for travel indicators, and finally we checked that the social graph was activated. We only promoted this card to students who liked both our bank’s and British Airways’ Facebook pages, ensuring this promotion reached the audience that was most likely to apply for this product.
We did the same thing for the savings product we are promoting. We used information taken from our back-end systems to make sure that the promotion was only shown to customers with more than 5000 euro in their bank account, so we knew they could afford the initial deposit. We then targeted people that had shown interest in our savings products while on either the marketing or secure platform. We also targeted people that came to our site our site using key search words related to savings. In this way we made our campaign highly relevant to a special group of customers. We combined offline CRM data with online behavioral data to create a personal and relevant online sales campaign.
Let’s see what this looks like from the customers perspective by switching back to the end-users internet banking platform. Now I’m logged in as Mark and you can see the environment has changed. We added the Backbase Digital Marketing module to this existing internet banking platform with just one line of code. Making digital sales possible in the closed environment in a secure, personal and relevant way.
Mark, the student that likes to travel and liked both our bank’s and British Airways Facebook pages, is now presented with the promotion of the British Airways affiliate credit card, which is highly relevant to him.
Phil, a young professional ready to buy his first home, is shown a different promotion, about mortgages. This isn’t any boring old promotion either; it’s engaging. Backbase Digital Marketing module comes with interactive apps, like calculators and simulation tools, so your customers can interact with your bank and your products.
This immediately transforms Phil from a passive visitor into an engaged customer, playing with the mortgage calculator, using it to find the right product, which he can immediately apply for. Leading to a direct sale. Phil’s experience parallels the one he had buying a book on Amazon. Applying is so easy for Phil because when he hits the apply button the form has already been pre-filled from your CRM system, making sure he doesn’t have to worry about mistakes or waste time looking up details – and also making him more likely to convert into a online sale and a new customer.
The third campaign for Ann is also up and running. She has her own unique environment with personal and relevant promotions.
Our Digital Marketing Module is the first step towards creating powerful, personalized campaigns safely within the secure platform.
You’ve just seen that this bank, based on the Backbase Bank 2.0 Portal is able to offer a new user experience that is completely personalized, relevant and perfectly responsive on every browser, tablet, smartphone and any other device.
Next, we’d like to move beyond digital marketing and transform all of your digital channels into a unified, engagement platform. Shifting from simple transaction focused banking towards the full Bank 2.0 experience. Making banking possible anytime, anyplace and on any device.”