Leading financial services provider First National Bank (FNB) of South Africa has licensed SAS Marketing Automation.
FNB sees the solution as pivotal to its efforts to increase customer-centricity through more personalised marketing campaigns. By increasing the return on each campaign, FNB believes it will increase both its share of customer wallet and customer lifetime value.
"The automation of many aspects of campaign execution and management through SAS will allow us to run more campaigns, more often, with the same resources. The analytical side of the solution will help us to increase the return on those campaigns through more accurate targeting, " says FNB's Chief Knowledge Officer Jithendra Daya, who is the executive sponsor of the project.
FNB believes it will be able to increase campaign response rate by 40% and reduce campaign implementation time 11 days through the SAS solution. The company plans to step up from around 8 to between 20 and 30 campaigns per month, running smaller, more focused campaigns that have specific targets such as up-selling, cost-containment (encouraging customers to move to cheaper channels), and attrition (targeting customers who have been identified as likely to move to a competitor).
SAS Marketing Automation will also enable FNB to move towards real-time marketing, for example on in-bound communications. Customers telephoning FNB's call-centre could be profiled "on-the-fly" and made appropriate offers as part of the call.
"We chose SAS primarily because of the company's long-standing experience in the financial services sector, but also because of the quality and usability of the technology," says Daya.
FNB is competing in an increasingly diversified and competitive financial services marketplace against micro-lenders such as retailers offering financial services, former merchant banks that are diversifying their services and also international financial services providers that are entering the South African market. Competition is further increased by the fact that many South Africans don't have bank accounts at all, and among those that do, there is a high proportion of multi-banking customers. Within this environment, it is critical to FNB's competitive success for the company to be able to establish and grow mutually profitable relationships with customers by targeting those customers accurately with products and services that meet their needs.
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