Retail Bank began as a building society and has grown into one of Australia’s oldest financial institutions with 160 branches throughout Australia, including 65 corporate branches.

One of Retail Bank’s key strategic objectives remains growing their Deposit balances. The team were looking for digital expertise to develop and structure a program of early month on-book activities to engage and retain customers.

Retail Bank began as a building society and has grown into one of Australia’s oldest financial institutions with 160 branches throughout Australia, including 65 corporate branches.

One of Retail Bank’s key strategic objectives remains growing their Deposit balances. The team were looking for digital expertise to develop and structure a program of early month on-book activities to engage and retain customers.

Solution

Through Expert360, Retail Bank found an Expert with deep digital and marketing knowledge who helped build the Deposit team optimisation strategy. The Expert reviewed the channel customer journey across deposits, contact centres, marketing and branch networks.

With their dedicated focus on the end to end customer journey the Expert was able to develop an insightful and thorough strategy and program to help engage customers.

Impact

With the adoption of the recommended program, Retail Bank saw an increase in customer activation rate by 2% (considered to be around $5million in CLTV).

The bank also saw an increase in EDM performance from 25% at initial launch to 45% through the program, highlighting the strength in the marketing strategy.

“We were able to see a significant change in customer adoption during this project, along with an improved NPS for customers who joined via digital channels”

Program Director, Retail Bank

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