In an era in which “personalization” is often just a buzzword, one bank is leveraging true personalization capabilities to achieve material results. Even in the face of tremendous deposit volatility over the past year, this bank has used Curinos’ Amplero intelligent orchestration engine to drive significant growth in deposits and accounts with personalized client communications.
In less than six months, the bank has driven 23% growth in incremental new deposit accounts and over $900M in incremental new balances with personalized messaging delivered through Amplero. Fully 45% of that incremental balance growth was truly new to bank – so the communications not only improved customer and balance retention but also attracted significant new-to-bank deposits.
The program, still in its early stages, focuses on a clear deposit growth KPI. Key features include training on current customer data, ongoing message optimization and continual refinement of the predictive model. It continues to optimize messaging, working out which messages to deploy to whom, and in what sequence. The information is continually being gathered and refined to inform the full predictive optimization model, which when launched in full will undoubtedly continue to add to those accounts and deposits.
In today’s financial services sector, franchise-altering economics are in play, many of which have the ability to seize and deepen relationships productively in a digital-first manner. Banks that fail to engage them will lose deposits, see an increase in attrition and win far fewer incremental relationships through cross-selling over the lifetime of each customer. Embracing change through intelligent orchestration is a must.
