SUMMARY OF THE CASE STUDY
First Bank (J&C Flowers & Co.) strives to offer its customers an enhanced experience and high-quality financial services by seeking new and innovative solutions. To ensure this, First Bank Romania has created a mobile banking application that provides users with greater flexibility, convenience, and control over their finances.
Despite
the high number of app downloads, only a small percentage of users registered to create an account and complete 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
Abandonment is a common problem in mobile banking app development. At First Bank, 87% of mobile banking app users abandoned the registration process, while the conversion rate was approximately 13%.
Therefore
, the main AI problem First Bank faced was a low conversion rate. Footprints AI analyzed and identified several potential issues preventing users from converting, following a clear and simple process:
- CONVERSION FUNNEL ANALYSIS
- SETTING UP AUTOMATED RETARGETING FLOWS
- TESTING AND OPTIMIZATIONS
AFTER FOOTPRINTS AI
- THE CONVERSION RATE HAS INCREASED BY 48%
- THE COST PER CONVERSION HAS DECREASED BY 37%
The conversion rate of a mobile banking app is a metric that measures the percentage of app users who perform a desired action, such as signing up to create an account.
It is
calculated by dividing the number of conversions (e.g., account registrations) by the total number of app users and expressing the result as a percentage.
OUR CONVERSION RATE OPTIMIZATION (CRO)
Strategy and tactics
Footprints AI used a combination of technology and processes to significantly influence the performance of the mobile banking onboarding funnel, while also improving customer engagement. We successfully implemented the following:
- AUTOMATED RETARGETING FLOWS IN THE MOBILE BANKING FUNNEL: Footprints' cutting-edge AI models understand and predict user behavior, making retargeting flows in the mobile banking funnel more cost-effective to convert customers.
- RETARGETING CAMPAIGNS USING FOOTPRINTS' CHANNEL RELEVANCE SCORE AI CAPABILITY : Channel Relevance Score (CRS) is one of Footprints' AI capabilities that enabled First Bank to target the right users, on the right channel, at the right time, while increasing customer satisfaction levels with personalized and curated content.
- CROSS-SELLING AND UP-SELLING RETARGETING FLOWS IN THE MOBILE BANKING FUNNEL: Building on Footprints' predictive capabilities and a deep understanding of user behavior, First Bank's cross-selling and up-selling retargeting flows address real customer needs for the right audiences at the right time in their journey
Microsoft Azure: Our fundamental pillar for continuous innovation
Behind Footprints' success in near real-time profiling, retargeting workflow automation, and continuous innovation is Microsoft Azure: a reliable, powerful, and robust environment that allows 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 improved conversion rate and user satisfaction, as shown below:
- 48% increase in conversion rate
- The cost per conversion has decreased by 37%.
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