Identify key life events to retain more customers

It is easy to miss a key opportunity for up selling or cross selling your financial products during your customer’s lifecycle, and this can lead to losing customers to your competitors.

Consider the following scenario. You sign up a new customer for a current account. A year or so on, your customer starts talking about buying a new house and asks their network for suggestions on what area to look at. This customer then approaches a mortgage broker for advice on what financial services provider to take out a mortgage with. The broker then suggests one of your competitors and you lose the customer only part way through a potentially long and fruitful lifecycle.

What if you could identify these changing needs before your customers look elsewhere and therefore prolong customer lifetime value? With Hello Soda, you could receive a life event alert when your customer first starts mentioning that they are looking to buy a new house. With this knowledge, you could immediately tailor your communications to best suit their needs and find a mortgage to suit them before they even contact a broker. This way you can drastically improve likelihood of retaining that customer as well as boosting brand evangelism (“oh you’re looking to buy a house? Well I had a great experience with my bank you should try them for your mortgage!”)

Being ready for a mortgage is just one example of the key life events during your customer’s financial journey that we can alert you on. There are many points where your customers’ needs will change, such as starting college/university (they’re bound to need a student account), they’re having a child (what about starting a savings account for them?), or maybe they’re going travelling (wouldn’t they benefit from your credit card option that doesn’t charge to draw cash out abroad?).

PROFILE uses advanced text analytics techniques including natural language processing, psycholinguistics, machine learning and Bayesian belief networks to derive actionable and meaningful insights from your customers’ digital footprint and alerts you on key events that may impact their financial needs as well as their interests, hobbies, personality type and social activity.

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Author Ben Allott