TSB’s partnership with Adobe is elevating digital banking experiences and boosting money confidence for millions
Organisations across all industries are navigating an era of unprecedented complexity. The integration of digital technology into all areas of business has become an operational imperative — and a necessity for survival and growth.
One of the most rewarding parts of my role as vice president and managing director of Adobe UK and Ireland is hearing about how Adobe technology is powering growth for organisations and making a difference for consumers around the world. There are few examples more compelling than TSB’s digital transformation, which has seen sales of some financial products rise as much as 300%.
TSB redefining banking experiences
Founded as the Trustee Savings Bank in 1810, TSB was initially launched to help working people in Dumfriesshire to confidently manage their annual wages. More than 200 years later, the bank has leveraged the latest innovations in commerce and content marketing to help deliver on its founding purpose and transform its customers’ experiences of what banking is and can be.
More than seven out of ten (71%) consumers now expect a personalised banking experience, according to TSB’s research. TSB first implemented Adobe Experience Cloud several years ago, and has since worked in close partnership with Adobe to address that need by enhancing customer engagement and driving new revenues.
The bank has also added Adobe Real-Time Customer Data Platform, Adobe Journey Optimizer, and Adobe Customer Journey Analytics, all powered by Adobe Experience Platform, to deliver personalised experiences across its digital channels. This technology foundation harnesses real-time data processing and seamless cross-channel experiences to deliver personalised marketing that targets the right customers, at the right time, with the right content. This transformation, powered by Adobe, is underpinned by an unwavering focus on customer needs.
Personalising banking for the better
TSB prides itself on understanding its customers and recognises that securing loans for significant life milestones such as a new home, car, or holiday is a top priority for many. As such, TSB chose to focus its first personalised communications on these loan offers.
By using real-time data to personalise the loan amount and the rate at which customers can safely borrow, TSB was able to deliver more relevant and responsible offers that resonated with customers. As a result of these changes, sales of loan products in TSB’s mobile channel rose immediately by 300%. And the changes had a lasting impact on customer behaviour, with in-app loan applications now accounting for 75% of total sales, up from 24% previously. That is a phenomenal shift with demonstrable commercial impact — and that’s just one area of TSB’s business.
Driving healthy financial habits
Real-time data from Adobe’s Real-Time CDP has not only made TSB a more responsible lender by ensuring offers are tailored to the needs and circumstances of its customers, but it has also helped it to improve customers’ financial habits.
For example, the bank discovered that more than 300,000 customers had failed to set up direct debit payments for their credit cards and were therefore at risk of incurring late payment fees. Using Adobe Journey Optimizer, TSB engaged those customers on its mobile banking app with targeted prompts guiding them to set up direct debit payments. More than 3,000 customers signed up for direct debit payments in the first week, compared with just ten in the six months prior – which not only highlights the potential of this level of personalisation, but is a clear example of TSB’s purpose in action.
Creating a seamless customer journey is important in every industry — it comes up in every conversation I have with our customers and partners — but it is critical in financial services. Customers not only need to be able to navigate their online and mobile banking apps intuitively to quickly and confidently manage their finances, but they also need their bank to protect them by alerting them to potential cases of fraud and unusual activity.
TSB uses Adobe Customer Journey Analytics to understand in real time how customers are interacting with TSB’s mobile banking app and website to identify points of friction, journey dropout, and form abandonments. That way they can optimise those experiences based on insights.
Empowered by Adobe technology, TSB’s shift away from product-centric marketing hasn’t just improved processes and workflow — it has helped it to deliver on the increasing demand for more personalised communication between the bank and its customers. TSB’s CMO, Emma Springham, sums this up perfectly:
“Banking is inherently personal and has a more profound impact on customers than many other sectors. Personalised digital experiences, such as those enabled by our partnership with Adobe, help us to build deeper, more meaningful connections with those who trust us to manage their money. This is about more than sales. This is about making our customers feel valued and appreciated and enabling them to realise the milestone moments of their lives.”
It’s been an incredible journey together and we’re not done yet. We’re excited to partner with TSB to explore new ways Adobe solutions can deliver enhanced, personalised experiences for customers that boost their money confidence and help them achieve their financial goals.
Learn more about Adobe’s partnership with TSB, and how Adobe Experience Platform can provide a centralized and connected data foundation that powers the next generation of customer experiences.
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