By Kevin Flanagan, Director of Marketing, Micronotes
Today being the first day of a new month, my inbox was filled with reports about the metrics each Micronotes client achieved last month. As I sifted through them, I wanted to share the results of one representative client. It’s something I’ll do at the beginning of each new month, to show how financial institutions can engage with digital users using the Micronotes solution.
I won’t name the client, out of respect for its privacy. I will say they are one of the most well-respected credit unions in the western United States.
So, let’s take a look at what this institution achieved last month as a great example of what artificial intelligence machine learning can do for banks and credit unions.
In January, as the new year is getting started and the holiday hangover is starting to clear, this client ran 20 campaigns.
Those 20 campaigns—not all of which were sales offerings—resulted in more than 13,500 completed interviews with online and mobile banking users, an increase of more than 30 percent from the prior month.
Now, here’s the good part. Those interviews generated nearly 450 leads, which led to 19 sales. The sales figure rose nearly 20 percent compared to December.
Finally, let’s look at the click-through rate of the interviews. In January, this FI achieved a 2.54% click-through rate, compared to the average website banner ad click rate of just 0.19%.
There you have it. It’s just a quick look at one institution for one month, but the takeaways are clear.
Digital banking users respond to conversations offered in-session or at logout far more than they do to static banner ads. In addition, not all of the campaigns were or should be intended to sell a product or service. Our clients typically run a mix of informative and fun campaigns mixed in with cross-sell efforts. This lets users know that their bank or credit union isn’t always trying to sell them something every time they log in to a digital banking channel.
That makes the sales campaigns even more effective and creates a feeling of community with users who don’t feel they are under constant sales pressure.