Personalisation pays dividends.
Cathay United Bank elevates customer-centric approach for product development and marketing.
71%
Growth in visitors to mobile banking app
Objectives
Sustain position as a technology-forward leader in competitive financial services market
Develop greater customer centricity
Consolidate disparate marketing platforms and analytics
Improve the banking customer experience
Results
Achieved click rate increases of 200% with more personalised marketing
Logged 71% growth in visitors to mobile banking app
Increased number of web pages viewed per person by 20%
Reduced bounce rate by 45% by increasing message relevancy
Improved Net Promoter Score (NPS) by 12% for bank’s mobile app and 33% for online banking website
Serving a technology-savvy population heavily reliant on smart phones, Cathay United Bank prides itself on being a digital innovation leader within Taiwan’s financial services sector. In a very competitive market, the bank counts 35% of the population as customers, is the leading credit card issuer and has ranked among the top banks in terms of credit card transaction volume for three consecutive years.
To outpace competitors, Cathay United Bank embraced digital transformation and a customer-centric approach. “Most banks are primarily product-focused, but we are focusing on our customers’ needs to guide our product positioning,” says Lisa Chen, Senior VP, Digital Banking Department, Cathay United Bank.
By deploying Adobe Analytics and Adobe Target, both part of Adobe Experience Cloud, the bank enables product managers, marketers and others across the organisation to make more data-driven decisions in their efforts to develop and promote new products.
“With Adobe Analytics, we can get a complete view of the customer journey across different devices, platforms and time periods. The information is no longer fragmented, so our teams can make better informed decisions.”
Lisa Chen
Senior VP, Digital Banking Department, Cathay United Bank
Consolidating data to improve banking experiences
Several years ago, Cathay United Bank was challenged to piece together information about its customers’ journeys due to disparate management tools for its five key digital platforms. As part of the bank’s investment in data and related systems to provide the best customer experience, it selected integrated Experience Cloud apps to overcome the challenge.
Cathay United Bank uses Analytics for its five key digital platforms across diverse business. “With Adobe Analytics, we can get a complete view of the customer journey across different devices, platforms and time periods. The information is no longer fragmented so our teams can make better informed decisions,” says Chen.
In the past, Chen and her colleagues relied on data specialists and programmers to access website and mobile app analytics. Now those who need current customer insights to work smarter are empowered to access the intuitive, easy-to-use Analytics dashboards on their own.
Now nearly 100 employees have been set up within Cathay United Bank’s multilayered authorisation system based on their identity, role and other factors. Adobe Analytics makes it easy to set up policies so that data and reports can only be shared within specified groups. Administrators have a clear view of who accesses specific reports based on their permissions. These measures help protect the data while complying with banking regulations.
“With Adobe Target, our marketing messages are more precisely tailored to each customer segment, enabling us to present offers that are attractive based on a customer’s online behaviour and other key characteristics. We’ve seen our click rate double.”
Lisa Chen
Senior VP, Digital Banking Department, Cathay United Bank
Tailored financial messages and products
Cathay United Bank uses Analytics as a timely, reliable data source for its Target implementation, enriching customer profiles with data to create customer segments. This allows the bank’s marketing team to direct tailored messages to distinct audience segments.
For example, some loan shoppers care mostly about interest rates. Others are more attracted by the size of the loan they can get, while others are more focused on how soon they can secure the loan products the bank offers. The personalisation feature in Target tracks shopper responses to content on different bank web pages related to these topics, both for individuals and for the more general population.
“With Adobe Target, our marketing messages are more precisely tailored to each customer segment, enabling us to present offers that are attractive based on each customer’s online behaviour and other key characteristics. We’ve seen our click rate double,” Chen says.
With a seamless view into customer experiences across channels and enhanced personalisation, it’s no wonder Cathay United Bank has seen its website metrics improve. In the first year of adoption, the bank saw customer stickness improve and the retention rate increase up 20% while the bounce rate decreased by 45%. The bank attributes this success, including a 71% growth in visitors to its mobile banking app, to optimising customer experiences with Experience Cloud apps.
Cathay United Bank has also prioritised Net Promoter Score (NPS) as a measure of customer satisfaction. Those numbers have risen impressively, by 12% for its mobile banking app and by 33% for its online banking website.
“The benefits of real-time, multichannel intelligence and personalisation will continue to pay dividends for the bank over time.” says Chen.
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