We’ve teamed up to help Raisin clients in France, Spain, Germany and UK get the most beneficial investment deals automatically in a personalized way. The interest in the company’s products increased – significantly.
Raisin helps people control their financial futures by bringing them the best financial products, all in one place. The company also empowers banks and other financial institutions to grow. The company develops solutions that help create a better connected and more resilient financial industry – one that forms a stronger backbone for the real economy.
With 400+ bank partnerships, 1 million+ direct customers, 30+ market served, € 38bn+ Assets Managed the Raisin platform enables savers and financial institutions to connect to the award-winning marketplaces across Europe and the U.S. Financial institutions.
Vecton is a CRM & Marketing Automation Agency: a close-knit team of technology enthusiasts and practitioners on a mission to bridge two edges of a chasm between constantly new marketing technology and the human ability to understand, implement and benefit from it.
The Challenge – Connect users with befitting saving offers
Raisin strives for bringing the best financial products to their customers in the most convenient way. Recognizing that every customer has unique preferences and requirements, Raisin aims to provide tailored and consistent experiences to its customers by leveraging the mobile app platform.
The challenge was to match customer personal needs and provide suitable financial products on a big scale of 4 international markets.
Working with Raisin as Vecton continuously for over 2 years now, made us gain a deeper understanding of their customers and enabled to better respond to their needs through adequate personalization.
Arek Kustra, CEO at Vecton
The Solution – Personalization through Interest Rate Watchdog
Raisin has been using the Bloomreach Engagement platform to monitor and link users’ preference data in real-time. Moreover, the platform had access to up-to-date information on the specifics of the financial products being offered. Vecton integrated this information and developed a unique automated personalization tool called the “Interest Rate Increase Watchdog.”
Watchdog by Vecton – how does it work?
On a daily basis, the automation system verifies the interest rates for deposits and compares them to the rates previously viewed by interested customers. If the interest rate of a specific deposit increases, the system notifies the interested customer through a mobile notification. Like a private financial assistant.
The solution was developed and deployed by Vecton experts on 4 markets – France, Spain, Germany, and the UK – all within 1 month only.
|Watchdog Use Case Overall Logic
1. The proper integration of Bloomreach Engagement with two main data sets is essential for the Watchdog Use Case to function effectively
• Product catalog: This dataset contains information about all the products offered, which should be updated at least once per day.
• Tracking of product pages and customer identification: The system must accurately track product page views and identify customers.
2. Within Bloomreach, a real-time process is established to save and update the products that are most interesting to each individual customer visiting the online shop or app.
3. Another process in Bloomreach runs daily after the product catalog is updated. It checks, on an individual basis for each customer, if the products saved as their most interesting choices have undergone any changes in the recent product catalog update. If there are favorable changes for the customer, the system sends a notification with the link(s) to the updated product(s).
4. The algorithm includes data cleaning and expiration rules to ensure optimal performance:
• One of the rules is to prevent customers from receiving notifications too frequently, ensuring a balanced experience.
• Unneeded data is regularly deleted from the system to maintain efficiency.
5. A comprehensive and detailed dashboard is defined to enable the marketing and commerce teams to track the effectiveness of the Watchdog Use Case. This dashboard serves to monitor the outcomes and ensure the quality of the implemented solution.
The Result – an 18% Increase in Conversion Rate
A well-executed personalized approach offers dual benefits – both for the company and their clients. Aligned with the Rasin mission, customers receive the finest financial products in the most convenient way, resulting in increased interest and uptake of their offerings. The numbers speak for themselves, with an 18% increase in conversion rate.
We’ve been partnering with Vecton for over two years and their expertise, skills, and knowledge of the technology has transformed our utilization of the CDP platform. Especially considering the specificity of our industry and the scale of our business. Vecton’s efficiency and dedication let us personalize customer connections and is proved in higher conversion rates.
Simon Cowley, Project Manager at Raisin
If you’re interested in discovering more about this case study or you want to know how we can support you in utilizing the full potential of CDP, CRM or marketing automation platforms for your business, let us know at email@example.com. We would love to partner throughout your business online personalization journey.