Growing a bank’s take rate by 50% by mapping its customers’ path to purchase
Success Stories | Financial Services

Growing a bank’s take rate by 50% by mapping its customers’ path to purchase

The Escalent team…makes things easy for me. There is real thinking, which is reflected in the report. We want to do more studies like this and make it a regular thing.

Business Issue

A major national bank wanted to enhance its understanding of consumers’ path to purchase in the retail banking (deposits) space. Specifically, the bank wanted a deeper understanding of the needs and desires that motivate and influence consumers to obtain a deposit product, along each of the purchase steps. The goal was to identify the right tactics and strategies to improve new acquisition and existing cross-sell rates.

What We Did

We leveraged our dynamic path-mapping capabilities to capture the web-like journeys specific consumer groups take when acquiring a retail banking product. For each key population, we measured awareness, consideration, product/bank evaluation and the purchase components of their journey. Then, within each of the purchase steps, we provided a deeper understanding of the needs and desires that influence consumers to obtain a deposit product. This information allowed us to identify “friction points” along the path to purchase and recommend strategies to win more business.

Result

The bank improved its take rate among the target segment by 50%. The ad campaign built off of the segmentation won an award, and the bank now uses the guidelines to develop all offers in the space. In fact, the bank received our recommendations so well that it commissioned the final report to be converted into a reference book for executives.

Explore our thinking on Path to Purchase

Show All
  • Retail and service companies are sacrificing brand loyalty and customer service by eliminating paths to purchase. This blog uses four customer experience examples to demonstrate the need for a better path-to-purchase journey and to show retailers why they need to stop forcing a single path to purchase for all consumers.

  • The customer decision-making process for mortgages is not straightforward and demonstrates the importance of positive brand perceptions and how they impact the path to purchase.

  • Outages are inevitable but they don’t have to negatively impact customer satisfaction or brand perceptions. New report from Cogent Syndicated shows a proactively communicated and resolved outage can build customer loyalty.

Explore our thinking on Product Optimization

Show All

Explore our thinking on Segmentation

Show All

Keep me informed. I’d like to receive occasional newsletters, event notifications, and thought leadership materials.

Subscribe to Our Newsletter