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Akbank background Personetics

Akbank Case Study

Akbank Partners with Personetics to Boost Customer Engagement and Sustainable Revenue Growth

Download the Case Study

Akbank Case Study

Akbank Partners with Personetics to Boost Customer Engagement and Sustainable Revenue Growth

Download the Case Study

Download Case Study

Akbank + Personetics achieved

24%

Customer Engagement Rate

86%

Insight Satisfaction Rate

+90%

Insight Generation In 4 Years

440M

Insights Generated Annually

Executive Summary

Akbank Summary Personetics

Executive Summary

Akbank is one of the leading Turkish banks known for its innovative use of technology and customer-oriented service model. The bank’s digital innovation team decided to redesign its mobile application to act as a trusted financial advisor to increase customer engagement and revenue growth. Partnering with Personetics, Akbank was able to offer its customers hyper-personalized insights into their spending patterns and present saving opportunities utilizing an analysis of the customer’s financial data. This AI-driven personalized solution not only increased the customer engagement rate and boosted satisfaction, but also reinforced Akbank’s position as the most technology-savvy bank in Turkey.

Akbank and Personetics in Numbers

24%

CUSTOMER ENGAGEMENT RATE

86%

INSIGHT SATISFACTION RATE

+90%

INSIGHT GENERATION IN 4 YEARS

440M

INSIGHTS GENERATED ANNUALLY

The Challenge: Transform Akbank’s mobile application into a trusted financial advisor

With half the population in Turkey under the age of 35 and financial technology starting to mature, Akbank sought a way to offer a personal financial advisor platform that its customers could relate to. The resulting mobile banking app needed to be simple to use and motivate customers to engage with it on a regular basis. Hyper-personalized insights that offered opportunities to improve their financial situation would be generated, for example, savings and investment options, with the goal of building a rapport with customers and increasing usage of the app.

When mapping out their digital options, Akbank recognized the need to strengthen the relationship with their bank customers by offering a better communication conduit through the mobile app. Akbank’s management team was determined to set itself apart from the competition with state-of-the-art service by creating a mobile app that would offer insights specific to the customers’ financial situation.

Akbank app Personetics

Their three main communication objectives were:

1

To allow clients to successfully navigate their money management options through the bank’s mobile app and reach their financial objectives

2

To achieve better engagement and stickiness by offering hyper-personalized insights and advice to bank customers

3

To create more value through each engagement with the customer, increasing customer loyalty

The Solution: Personalized Insights that Encourage User Interaction

Akbank wanted to design its mobile app to give proactive, real-time personalized advice to customers about their financial status. This would provide their customers with a call to action about new savings opportunities in an easy-to-use, timely, and natural way using personal data. Partnering with Personetics. Akbank named the new solution “Banking IQ”. Leveraging the financial data of its customers, Banking IQ provides AI-based hyper-personalized insights that keep each customer informed about their personal account and encourage user interaction, tailoring the bank’s offerings to the specific customer’s needs. Examples of these insights include a personal spending tracker, monthly cash flow analysis, and the ability to add and follow savings goals to the customer’s account management updates. Delivering informative insights and real-time proactive advice promotes both a beneficial dialog and trust between the customer and the bank.

“With the help of Personetics insights in our Banking IQ platform, we are able to monitor customer activity through the digital login frequency and know that we have increased customer engagement. If our customer wants to take action based on the information provided, they can review it while seeing specific insights based on their potential choice.”

Burcu Kucukunal Akbank Personetics

Burcu Küçükünal

Digital Design and Innovation SVP

Akbank

The Outcome: Increased User Interaction Leads to Higher Cross-sales and Increased Sustainable Revenue Growth

The customer-centered platform incorporating Banking IQ into the Akbank Mobile app was a major initiative for the bank’s digital team, led by Burcu Küçükünal,. Partnering with Personetics to build the AI-based Banking IQ platform, the time-to-market was reduced from an estimated two years down to 12 months. With Banking IQ in place, the log-in frequency per customer increased as did the satisfaction rate with the mobile app. With personalized insights provided to the customer base on a constant basis, the engagement rate with these bank customers increased to 24% in the first year, resulting in higher cross-sales and adding to the bank’s revenue. Akbank started out prioritizing 25 types of insights to customers; it now provides 42 individualized insights, are looking at 65 by the end of 2023 and plan to offer more in the future. During the course of last year, 440 million insights were generated for the entire customer base, based on each customer’s financial data.

Akbank app Personetics

Results: Positive customer interactions, with more ways to engage planned for the future

24%

CUSTOMER ENGAGEMENT RATE

86%

INSIGHT SATISFACTION RATE

+90%

INSIGHT GENERATION IN 4 YEARS

440M

INSIGHTS GENERATED ANNUALLY

42

DIFFERENT TYPES

of Hyper-personalized Insights and Product-Based Advice Generated to Date, with 65... Insights Planned by the End of 2023

Next Steps

Looking to increase customer interactions, Akbank intends to implement Open Banking, which would present customers with the entire picture of their financial holdings including all transactions from every institution they work with. Akbank will provide customers with an entire cash flow and competing product-based advice. The bank also plans to leverage its existing customer data to develop new products and services that customers can be made aware of through the delivery of timely insights.

The bank also plans to use Personetics Engagement Builder, a codeless creation and management console, to develop its own customer insights faster.

“In the bank’s digitization journey, it was important for us to start with a clean slate. We decided to partner with Personetics when we saw the synergy between their team and our design team and how they could help us improve the individualized connection we have with our customers.”

Burcu Kucukunal Akbank Personetics

Burcu Küçükünal

Digital Design and Innovation SVP

Akbank

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