Top US Bank
Used Motista’s intelligence to grow customer value, reigniting revenue growth.
A top US bank used Motista’s Predictive Intelligence on Motivations™ to increase customer accounts and loyalty.
CHALLENGE
For this leading US bank, customer growth had stalled and household accounts and share-of-balances were trending down. The bank’s digital experience, wide selection of products, and high satisfaction scores had become costs-of-entry amid competition from other banks and FinTechs. Existing customer segmentation, based on financial attitudes and demographics, no longer predicted customer value.
SOLUTION
To begin, Motista enabled the bank to identify customers based on Emotional Predisposition, how likely customers were to connect their emotional motivations. Approximately 40% of the bank’s customers were Emotionally Predisposed; these customers were most likely to concentrate financial needs with the bank. A sweet spot of customers was prioritized for growth - Emotionally Predisposed customers across key demographic segments, including Mass Affluent, Millennials and Gen Xers.
Next, Motista provided the bank the motivations that predict customer behaviors at each step of the journey. These were the bank’s customized Predictive Motivations™: The precise motivations driving customers to open new accounts, fund accounts, address non-banking needs (such as brokerage), remain loyal, and recommend the bank.
Finally, Motista provided activation recommendations to the bank’s marketing and customer experience teams, and Motista assisted the bank in developing the business case to use motivations to target and engage customers.
ACTIVATION
The bank prioritized and targeted its Emotionally Predisposed customers - across Mass Affluent, Millennial and Gen X segments - for growth in accounts and balances.
Emotionally Predisposed customers were identified within the bank’s customer database.
In parallel, the bank used the Predictive Motivations to inform marketing and experience touch points to build the strongest, most relevant connections with customers.
As examples, the bank applied Motista’s intelligence to digital properties (informing website and mobile app messaging and content), customer communications, direct marketing, digital advertising, social media content, and customer service (informing telephone and live chat). The bank activated Motista’s intelligence through its existing CRM and experience management systems.
Using Predictive Intelligence on Motivations, the bank targeted and motivated its highest potential customers, leading to significant gains in customer value.
RESULTS
Motista’s intelligence helped the bank accelerate growth in customer accounts and balances, and organic revenue as a result. Emotionally Predisposed customers yielded 26%-45% more household accounts across the Mass Affluent, Millennial and Gen X segments. In particular, Emotionally Predisposed customers were more likely to add credit card and personal lending accounts, and to engage the bank for brokerage and wealth management needs.
Additionally, Emotionally Predisposed customers yielded higher retention rates, on average 10-14% higher. The lift in retention was particularly strong among new-to-bank customers. Emotionally Predisposed customers were 30% more likely to remain with the bank after their first year.
These gains in customer accounts, balances and loyalty contributing to the bank reigniting revenue growth.