Client Story

Client Success Story | Belfius Bank

Results
  • A 40% increase in net profits year after year.
  • Pension savings deposits increased by 100% due to more timely, relevant and targeted mobile offers, surpassing branch pension savings efforts combined.
  • Won numerous awards for their mobile application, powered by NGDATA’s CDP.
  • Pension savings sales via the NGDATA CDP outperform other Belfius sales channels by factor 1.2.
  • Car insurance sales via the NGDATA CDP outperform other Belfius sales channels by factor 2.4.
  • 46% of all Belfius customers who have ever made a sales request were triggered by the NGDATA CDP’s “Car Loan Flow”.
  • In the overall loan flow, up to 17% of the customers have made a sale request compared to only .183% of all the customers who have never been in a flow.

Belfius, a bank whose goal is to create various forms of added value for Belgian society, recognized the trend toward mobile-first customers early. Understanding that customers are increasingly interacting on smartphones, the decision was made to push as much activity there as possible to meet evolving consumer preferences and support the business. Belfius’ mobile app became one of the most popular and highly-rated in Belgium after the company shifted its culture and attitude toward a mobile-first approach. The bank decided that simply having a great app was not enough in the mobile-first world – they needed data and context to truly reshape the mobile customer experience.

Belfius understood that just sending a bank mailer outlining an offer to a customer segment of 1,000 consumers, or a banner ad on the website, were no longer sufficient for creating positive customer experiences. To meet the needs of modern customers, the campaigns must be modern, as well, and that meant letting go of a one-size-fits-all (or even one-size-fits-many) approach, and eschewing it in favor of a strategy focused on customer centricity and personalization.

The proliferation of mobile banking meant there was a corresponding explosion of customer data that could provide context to better understand Belfius’ customers, helping them deliver better and more relevant interactions. The mobile data was a potential gold mine of context and information that could help Belfius provide value to their customers.

“NGDATA is the only player in the market today with a pure focus on bringing analytics to the customer relationship building process in such a targeted way. We are thrilled to work with NGDATA to accelerate our digital transformation and develop best-in-class customer insights to drive our business.”
– Geert Van Mol, Chief Digital Officer at Belfius

Solution

At the start of the project, NGDATA brought all of Belfius’ data together to get an individual-level view of each customer, in real-time, creating Customer DNA profiles. Belfius then wanted to have specific use cases implemented to interact with their customers throughout the full customer life cycle.

The first use case was a next best offer program around their pension savings product offerings, with the goal of increasing mobile deposits. A few months after starting the project, 60% of pension deposit activity was taking place via the mobile app – up from just 30% in one year. The uptick fueled a 40% increase in net deposits year over year, based on the improvements in timeliness and relevance of recommendations. Belfius was finally able to contextualize massive amounts of customer data to deliver real results.

Belfius is moving forward with similar projects across its top ten product offerings, including credit cards, loans and more – all designed to create more relevant and timely offers, and to drive further mobile interactions. The bank can now learn in real-time from customer behaviors, context and preferences to optimize omni-channel customer interactions. They can deliver messages and offers that are relevant and meaningful to customers at the right moment, via the right channel. Belfius is going above and beyond to gain greater customer loyalty by delivering the superior experiences their customers demand.

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