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Barclays

“Data driven personalisation”

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Our Challenge:

Barclays was facing a growing level of dormancy and inactivity within savings customers, as well as an alarming number of “large” savings balances leaving the bank.

How we seized the data:

The target audience was approximately 2 million customers each owning at least, one of nine different savings products. Firstly we constructed a communications strategy which looked at customer product ownership held across the whole savings portfolio and outlined a clear strategy to support recruitment, cross-selling and retention. We used customer data to ascertain which products each customer owned, how they interacted and transacted within each of their savings accounts combined with demographic data such as age and affluence to create a sophisticated customer segmentation. Data insight was used to deliver personal, relevant and timely messages.
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Testing quickly proved that proactive messaging offering the customer a better deal on their existing savings proved to be very successful and helped to not only retain balances at the higher end, but also helped to increase these balances with funds from other savings institutions.

Trigger and event mailings were also introduced which included large withdrawals or credit balances, birthdays and bond maturity.

Results:

During our time working with savings, we launched 4 new products into the portfolio as well as 6 limited issue bonds, vital to retaining high balances. For the entire savings products portfolio, we significantly increased retention and helped move Barclays from 10th to 3rd in the savings market.

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