The digital transformation of the financial sector means that banks and other financial service providers have to use innovative marketing and sales channels. Personalized and precisely timed campaigns and offers are the "must haves" to retain existing customers or generate new customers. After all, the focus is not on products, but on customers and their needs, who now use a wide variety of communication channels.
Rabobank is one of the world's largest financial service providers in the field of agricultural financing. It is also the second largest bank in the Netherlands. However, it lacked the flexibility and agility to shift its high-quality customer service to digital channels.
With the Customer Decision Hub, Rabobank unified its customer service in the app, on the web, in online banking and in the call center - and used AI and machine learning to identify and understand customer needs in order to take relevant and personalized service measures in real time. Rabobank is thus able to maintain a continuous dialog with its customers, regardless of the channel. This maximizes customer lifetime value and reduces service costs.
By maximizing customer contact, service costs per customer were reduced by 1.5 percent and sales opportunities increased by 400 percent.
