CASE STUDY OVERVIEW
First Bank (J&C Flowers & Co.) strives to provide its customers with a better customer experience and high-quality financial services by looking for new and innovative solutions. To ensure this, First Bank Romania has created a mobile banking application that provides users with increased flexibility, convenience, and control over their finances.
Despite the high number of app downloads, only a small percentage of users signed up for accounts and completed other desired actions. First Bank decided to use Footprints' cutting-edge AI models to improve the user experience and increase the likelihood of conversion among its users
BEFORE FOOTPRINTS AI
Drop-off or abandonment is a common issue in mobile banking app development. At First Bank, 87% of the mobile banking app users abandoned the onboarding process, while the conversion rate was approximately 13%.
Thus, the main problem that First Bank faced was a low conversion rate. Footprints AI analyzed and identified several potential issues preventing users from converting, following a clear & straightforward process:
- CONVERSION FUNNEL ANALYSIS
- AUTOMATED RETARGETING FLOWS SETUP
- TESTING & OPTIMIZATIONS
AFTER FOOTPRINTS AI
- CONVERSION RATE HAS INCREASED WITH 48%
- COST PER CONVESRION HAS DECREASED WITH 37%
The conversion rate for a mobile banking app is a metric that measures the percentage of app users who take a desired action, such as signing up for an account.
It is calculated by dividing the number of conversions (e.g. account sign- ups) by the total number of app users and expressing the result as a percentage.
OUR CONVERSION RATE OPTIMIZATION (CRO)
Strategy & Tactics
Footprints AI used a mix of technology and processes to significantly impact the mobile banking onboarding funnel performance while improving customer engagement. We successfully implemented the following:
- AUTOMATED RETARGETING FLOWS ON MOBILE BANKING FUNNEL: Footprints’ cutting-edge AI models understand and predict users’ behavior, making the retargeting flows on the mobile banking funnel convert customers more profitably.
- RETARGETING CAMPAIGNS USING FOOTPRINTS’ CHANNEL RELEVANCE SCORE AI CAPABILITY: Channel Relevance Score (CRS) is one of Footprints’ AI capabilities that allowed First Bank to target & convert the right users on the right channel and at the right moment – while increasing customer satisfaction levels with personalized and curated content.
- CROSS-SELL & UPSELL RETARGETING FLOWS ON MOBILE BANKING FUNNEL: Based on Footprints’ predictive capabilities and a great understanding of user behavior, First Bank’s cross-sell and upsell retargeting flows address real customer needs for the right audiences at the right time on their journey
Microsoft Azure - Our core pillar for continuous innovation
Behind Footprints' success in near-real-time profiling, retargeting flow automation, and continuous innovation is Microsoft's Azure - a reliable, powerful and robust place for us to easily deploy, manage and scale our applications and services.
RESULTS AFTER 3 MONTHS
Over the course of 3 months, Footprints' AI-powered retargeting flows significantly improve the conversion rate and user satisfaction, as seen below:
- 48% uplift in Conversion Rate
- Cost per Conversion has decreased with 37%