With 95 branches across the UK, customers are able to interact with Skipton Building Society (SBS) in branch, online and by telephone. SBS are relentlessly focused on providing excellent customer experiences. This objective runs throughout their business and has driven numerous strategic programmes at the building society.
One of the key business challenges SBS needed to overcome was customer retention. The building society were seeing drop off, especially prevalent for customers who had defined term savings products and were at the point of account maturity and so could easily take their funds to another bank or building society.
SBS worked with Paragon DCX on a ‘Next Best Savings Product’ project in order to attempt to overcome this key challenge by understanding what product might be a suitable next recommended product to customers who looked like they were about to churn. The project included the creation of a number of predictive models and then 21 PWE predictive scores for every customer on their individual likelihood to take up different types of savings products. The model scores update daily for use within FastStats and Adobe Campaign.
Following this understanding of the insight required, Paragon DCX and SBS planned to create multi-faceted customer models using Apteco's FastStats® software with the aim of providing actionable insight that could transform the communication journeys that savings customers go on. The ultimate aim was to align around the 4 Rs: Right Product, Right Time, Right Customer, and Right Message.
Apteco software supports the team with various marketing initiatives and is used to generate the actionable insight required for the team’s customer-centric strategy.
The Apteco Solution
SBS chose Paragon DCX as their strategic partner to support them with marketing objectives around a framework of the right product, to the right customer, at the right time, with the right message. They used Apteco FastStats® and FastStats Modelling™ to understand customer behaviour types and what product should be offered next.
On top of the single customer view (SCV), Paragon DCX implemented leading analytics platform, Apteco FastStats®, and a campaign management and execution tool. This new marketing stack provides SBS with the capability to make informed decisions about their customers, action the insight gained and automate multi-channel, highly personalised cross channel marketing communications.
The predictive models are now being used to drive customer journey planning to ensure the right product is marketed, to the right customer, at the right time, with the right message.