Successful Credit Card Onboarding driving Engagement

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Features and Benefits

Scalability made easy​: The OOTB cashback spending goal use case provides the fundamental configuration and setup for a quick start. With the Intelligent Engagement Platform, you can easily create variants of use cases to drive deployment efficiency and reduce time to value.

Journey-driven engagement​: Leverage the NGDATA customer journey builder to easily  manage the spending goal offers a full lifecycle going from creating initial awareness to spending goal motivation and finally fulfillment when the objective has been reached. This way, the marketeer can trust that a customer will be engaged with at the right time within the offer lifecycle.​

Smart goal forecasting​: Built-in models allow the bank to forecast a deficit or excess of the spending goal at the end of the offer period. This way, experiences can be personalized in order to help the customer stay on track to reach the bonus.​

Results
  • Increased offer engagement rates​
  • Increased spend by category​
  • Improved NPS & CSAT
  • Increased customer lifetime value​
Journey Objectives
ACTIVATION CUSTOMER ENGAGEMENT LOYALTY
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Trigger right-time, relevant messages to maintain top of wallet position

Credit card acquisition incentives are designed to increase a bank’s odds of becoming top of wallet and maintain that position well after the onboarding offer completes. To reach this goal, banks use time frames to encourage customers to use their credit card for most if not all of their expenditures over their first few months with the card. Typically a customer will receive the reward when the amount has been reached within the given time frame. However, successfully using this offer to become top of wallet requires regular and relevant engagements with the customer across channels and touchpoints to ensure category diversification, ease of use, and acknowledgement of benefits received.

Use case overview

Enabling top of wallet position through onboarding requires a combination of strong real-time analytics and agile orchestration to ensure the right message reaches the customer at the right time and within the right context. For example, offering a greater incentive on grocery spend would not be as helpful when the customer is already likely to spend their full grocery budget on the card. Encouraging automated payments to a cell phone or cable provider, would be more beneficial then.  

Activating an audience for a cashback spending goal offer calls for insights on customer spending behavior, interests (1st & 3rd party), the likelihood of picking up cashback campaigns and channel preferences to maximize the likelihood of customers engaging with the offer. Furthermore, the bank needs to be able to continuously track customer touchpoints in their spending pattern and interest behaviors across multiple channels in order to engage at the right time. Last, the bank needs a flexible way of defining a customer journey which covers:

  • Creating awareness for the offer;
  • Engaging customers as they progress toward the spending goal;
  • Designing ‘goal reached’ experiences and trigger fulfillment (sending a trigger to the execution channel to pay the cashback into the customer’s account).​

Solution Approach

The cashback spending goal use case includes an engagement-driven customer journey with ‘start to spend’ reminders in a certain period after the initial offer communication went out. Furthermore, the Customer DNA has models to predict if the spending goal will be reached at the end of a period. Depending on the deficit or excess in balance, the system will score and rank relevant next best actions. Personalized motivational experiences or compliments are presented to the customer based on his spending habits and interests. And finally, fulfillment is arranged and the customer is notified when the spending goal has been reached.​

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