Welcome to the third in an unofficial series highlighting practical ways in which Swrve’s Intent Engine can be used to build sophisticated target audiences for campaigns on mobile and other emerging channels. This week we’ll be looking at finance and financial services - an industry that has been transformed by the digital and mobile revolution.

Some readers will (just about) be able to remember the days when even getting money from a bank account meant standing in line at the bank and speaking to an actual human teller. We’ve come a long way since then. Some other readers are possibly only dimly aware of what a bank branch IS, given how rarely the typical customer visits one in 2018.

That sea change has interesting implications for consumer banks. As organizations, in many cases banks rely on ‘upselling’ customers to additional services - like mortgages, savings accounts or loans, from which revenue and profit are derived. Branches used to provide an infrastructure to do just that, but of course with fewer and fewer people in those branches, it becomes less and less effective to focus in that area.

Enter mobile, desktop, and other emerging channels where the brand/consumer relationship now exists. All these channels offer an opportunity to speak directly to the consumer, but at the same time they also bring potential to irritate the customer in new and innovative ways. That means an emphasis on relevant and targeting is more than appropriate. And that’s where we come in.

Swrve’s Intent Targeting Engine enables financial organizations to build smart audiences that support relevant, timely and helpful campaigns that in turn drive revenue. Here’s a couple of examples that should demonstrate what I’m talking about:

Example 1: Letting App Users Know They Can Set Up Direct Debits

If your app offers customers improved experiences when it comes to managing their finances, it helps to let them know about it. On the other hand, letting people know about things they are already aware of, or don’t care about, isn’t the best idea in the world.

Example dashboard showing intent engine use case

The audience shown is a simple way to determine those users who would be an appropriate target for a push or in-app campaign letting them know that bills can now be paid via direct debit set up in the mobile app. First, we identify users who have spent at least 30 minutes in the app. That’s a quick way to establish that they are likely to see and respond to a campaign, and in addition that the audience is comfortable enough using the app.

Next we apply some recency and frequency analysis to more specific events. We look for customers who have paid a bill at least 5 times in the past 6 months. More importantly we specify this took place in a branch - rather than in a digital environment - meaning the potential ‘upside’ for the customer is that much higher.

Finally we specify the exact utilities or bill types that these events consist of. This isn’t necessarily relevant in this specific example, but if our app had recently added the ability to pay a specific bill, it certainly would be!

Example 2: Reminding Users That They Have An Overdraft Available (Or A Loan Approved)

Sometimes you might want to reassure customers with a low balance, or who may be worried about their short-term cashflow, that you’re there for them. That could take the form of a simple in-app message reminding a customer that they have an overdraft facility, perhaps shown after the user checks the balance, or a notification that the customer is pre-approved for a loan.

The target audience defined below illustrates how we might identify customers for whom a campaign like this is appropriate. Firstly is a dynamic check on balance. We’ve indicated here that balance is less than 100, but of course that amount is entirely customizable and can be any amount.

Example dashboard showing intent engine use case

Then we take a look at recent activity. We’ve specified that the user has checked balance at least 5 times in the past 7 days - that indicates that this individual may be concerned about their balance or about going into the red.

In addition, we’ve checked that this particular user has NOT made a loan query or looked into getting a loan in the past 30 days. This indicates that the customer is less likely to be aware that a loan or overdraft is available to them if they want it.

We now have a perfect audience to integrate with the bank’s own data regarding customers approved for overdrafts or loans, and are able to ensure the right people get the right message - assuming local laws allow for the promotion of credit of course!