Using propensity to enhance cross-sell for business bank

Business Context

Cross-sell and up-sell remain the foundation of any successful business. Decrypt was approached to delve into the consumer mind for a bank and identify cross-sell opportunities for them. The goal was to get the bank’s business banking customers to use the personal banking products.

Research Approach

This program required a deep understanding of the bank’s customers both their financial and general behaviour. Decrypt analysed the bank’s transactional database using its bespoke data analytics solution suite. This helped us understand the patterns of usage. We followed this up with a quantitative exercise to understand product features, needs and motivators of the audience for using the bank’s products. This also helped understand the drivers of decision making in choice of a specific bank and its products.

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Deliverables & Client Benefit

Decrypt’s extensive analysis unlock complete insights including identification of consumer segments with highest affinity to personal banking product and the size of this market. We also identified other products which can be successfully sold to this segment. Additionally, we also provided strategic direction for future product development and innovation. This helped the client enhance their average interactions from 1.7 to 2.5 products. We also unlocked a revenue stream for the bank helping it charge a maintenance fee for low balance segments.

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