customer value maximization for a global bank in india

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Customer Value Maximization for a Global Bank in India Xerago Case study / Version 1.0 /

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Banks today are faced with multiple marketing challenges owing to the proliferation of digital marketing. To keep up with the competition, they need to adopt digital strategies that will not only interest new customers but also make transition for existing customers smoother. Xerago's high performance marketing framework Customer Value Maximization helped a global bank overcome these challenges with minimal interventions.

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Page 1: Customer value maximization for a global bank in India

Customer Value Maximization for a Global Bank in IndiaXerago Case study / Version 1.0 /

Page 2: Customer value maximization for a global bank in India

Assignment Background

The client is an Indian arm of the world’s leading bank. Banking space in India is

highly competitive with a large number of players aggressively serving clients to

ensure they remain bank's customers. This resulted in increased transactions

between the customers & the bank and a lot of those transactions were happening at

high cost channels such as branch, ATM and Call Center. The client was a pioneer in

using the digital channel for sales and service and wanted to cannibalize high cost

channel transactions and move them to the low cost channel viz., Digital.

Page 3: Customer value maximization for a global bank in India

The Goal

To deepen engagement on digital channel

and make it channel of customer choice

Page 4: Customer value maximization for a global bank in India

The Scenario

Display Advertising

eDM

Search Marketing

Print / TVC

Poor Engagement

Poor Lead Conversion

Poor Media Effectiveness

RESULTING IN

Tactical Operations Outcomes

Page 5: Customer value maximization for a global bank in India

Customer Value Maximization Approach

By making interventions on,

Through objective measures, a

snapshot of client’s marketing

effectiveness on many levels and

dimensions was constructed and

this helped us objectively

demonstrate the effectiveness of

the client’s current marketing

programs.

Based on the current state and

desired end state, the road-map

which involved a re-architecture

of strategy and re-alignment of

resources was developed and

interventions were made to

catalyze the marketing growth

engine.

This was the high value growth

phase where all possible marketing

variable combinations are tweaked

on a concurrent basis to produce

the optimal spend to impact

outcomes. Learning was constantly

updated for ongoing maximization.

MEASURE MANAGE MAXIMIZE1 32

In order to achieve client’s goal, Xerago deployed its proprietary Customer Value Maximization framework, which involved the following 3 stages:

Process Media Creative Technology

Page 6: Customer value maximization for a global bank in India

The Measure phase

• No synchronization of efforts among offline and offline channels as offline channels were usage focused and online was acquisition focused.

• The offline marketing activities did not complement the online marketing efforts

• The quality of media was poor and there were not enough targeted customer catering media

Parameters X-rayed

Channels

Evaluation Results

Marketing Programs

Media Mix

Page 7: Customer value maximization for a global bank in India

The Manage phase – Activities & Areas Impacted

Teams Impacted

Process Overhauls:

Lateral movement of traffic within the portal along with a concurrent usability-led exercise led to reduction of bounce rate and opening up of more access points of web pages and sections. An average of 120 changes a day is being carried out.

Creative Interventions:

Concurrent measurement of inventory and performance-led creative rotation coupled with routine revamp & one-off rebranding exercise covering 700+ Static pages helped raise the User Ex bar on the portal. Created a plethora of stand-alone digital service portals and optimized landing pages for media campaigns

Media Interventions:

Content vocabularies, inventory build-outs across multiple media formats like text, static and interactive visuals, HTML, Flash streaming content, RIA, and Videos for the entire digital footprint were produced that encompassed the portal, 3rd party sites, landing pages, eDMs and search campaigns.

Technology Interventions

Platforms cut-over of CMS i.e. Interwoven across generations, enabling servers and support surround systems like HBX, Web Trends, LMS etc. were managed across ITO / Tech vendors and Data Center. Integrated creative tracker with Digital Asset Management System for portal inventory optimization

Page 8: Customer value maximization for a global bank in India

The Manage Phase – Teams Impacted

Channel

Product

Marcomm

Compliance

Branch

Call Center

TEAMS IMPACTED

Page 9: Customer value maximization for a global bank in India

The Maximize phase

Xerago setup a concurrent framework to measure the effectiveness of the interventions made to

ensure desired results are delivered. This was achieved by establishing benchmarks for various

interventions and real-time optimization of the efforts. Below are the outcomes.

40% acquisition on digital

120 changes happening every day with a drive to increase usage.

20% increase in cost save through high cost channel cannibalization.

20% increase in portal usage

Created a Centre of Excellence and successfully replicated the model

across 13 countries.

Page 10: Customer value maximization for a global bank in India

Thanks

Want to maximize customer value from your customers?

GET IN TOUCH [email protected]

Xerago is a Customer Value Maximization company headquartered in Chennai, India. Ever since inception, Xerago has evolved marketing solutions for clients, using a

combination of Robust Process, Creative Excellence, Cutting edge Technology and Discrete Measurement. Over time Xerago has created IP both tangible and in-tangible

that enables the entity to retain its unique advantage of being among the few entities globally that has stellar depth of consulting with a combination of large scale

marketing outsourcer.

More About the Client:

The client is the world's largest financial services network, spanning 140

countries with approximately 16,000 offices worldwide. The company

employs approximately 260,000 staff around the world, and holds over

200 million customer accounts in more than 140 countries. The client’s

business is divided into four major business groups: Consumer Banking,

Global Wealth Management, Global Cards, and Institutional Clients

Group. As a market leader with double-digit market share in every

market that it operates in, the group has a philosophy to use cutting edge

and next gen technology to service its customers, hence the Digital

channels are primary for every initiative.