AI-based Interview Marketing Automation Platform Enables Banks to Perceive, Reason, and Act on Customer Intelligence in Real-Time
CAMBRIDGE, Mass.—April 5, 2016—Micronotes, a cloud-based marketing automation company for financial institutions, today announced that Broadway Bank has selected the company’s cloud-based marketing automation platform to boost digital customer engagement and uncover new revenue opportunities through cross-sell marketing campaigns.
Based in San Antonio, Broadway Bank is one of the largest independently owned banks in Texas with more than $3 billion in assets. In the few weeks on the Micronotes platform, Broadway posted impressive metrics including:
- An industry leading Net Promoter Score for online banking customers of 68, qualifying it as a leading bank, according to industry benchmarks (N=2,834).
- An engagement rate of 25.8 percent, meaning Broadway interviewed one quarter of their entire online banking population in three weeks.
- Campaign click through rates (CTR) averaged 3.7 percent across seven different campaigns. This is significant compared to the financial services industry median of 1.6 percent CTR on email campaigns , a .55 percent CTR for rich media display ads, and a .15 percent CTR for mobile display ads in the personal finance industry.
- Conversion rates for product and service campaigns averaged 9 percent for February 2016, compared to an industry average of 5 percent.
“Listening to our customers is central to the way we do business, which is challenging as customers flock to the digital channels,” said Jane Schoonover, vice president of retail products for Broadway Bank. “In a few short weeks, Micronotes has enabled us to quantify and benchmark customer satisfaction, identify more than 2,000 brand ambassadors for future referral campaigns, and interview 25 percent of our entire online population across a range of topics from birthday greetings to their personal loan needs. We’ve generated hundreds of leads that are automatically routed to our banking centers, and all interview response data is fed back to Micronotes to continuously personalize the Broadway digital banking experience.”
Micronotes engages Broadway Bank’s customers online using an artificial intelligence-based platform employing Micronotes Predict™ and Micronotes Cross-Sell Pro™ products. Specifically, Micronotes Predict helps bank marketers know who to engage for cross-selling online. Micronotes Cross-Sell Pro further qualifies customers by facilitating personalized and secure one-on-one interviews to uncover which customers are anticipating acquiring a new banking product for personal needs and life events such as home repair, marriage, or vacations. The leads are securely routed to Broadway Bank’s banking centers.
“For as long as there have been banks, bank marketers have been trying to figure out how to engage customers and anticipate their needs so they can identify the right time to present the right offer,” said Devon Kinkead, founder and CEO of Micronotes. “We’ve solved the cross-selling challenge by offering a level of engagement and segmentation that other marketing systems simply can’t match.”
About Broadway Bank - Celebrating 75 Years of Good
Seventy-five years ago, a military officer and his wife opened the doors to Broadway Bank to meet the banking needs of other service members and the San Antonio community. It was a dream that Col. Charles E. Cheever Sr. and Betty talked about when they strolled through Alamo Heights. With $60,000 and 5 employees they made it a reality on February 15, 1941—and today, Broadway Bank is still family owned with $3.2 billion in assets and more than 630 employees working at 39 different banking centers in San Antonio, Austin, the hill country and surrounding communities. Broadway Bank offers a full-range of sophisticated financial services, including personal banking, private banking, military banking, business banking and wealth management. Visit the Broadway Bank website at broadwaybank.com for more information.
Micronotes is a marketing automation company serving retail banking providers. The company’s fast, automated and cloud-based digital interview platform applies machine learning to customer data to improve customer engagement and effectively cross-sell financial products through the digital service channels. A privately held company, Micronotes is based in Cambridge, Mass.