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Home > Resources > Personalized Insights to Enable Client Dreams

KBC background image Personetics

KBC Case Study

Personalized Insights to Enable Client Dreams

Download the Case Study

KBC Case Study

Personalized Insights to Enable Client Dreams

Download the Case Study

Download Case Study

KBC + Personetics achieved

€320B

Bank Assets

1.6M

Bank Digital Users In Belgium

47.4M

Insights Generated Over Time

+90%

Customer Satisfaction Of Personalized Insights

Executive Summary

KBC mobile app Personetics

Executive Summary

KBC is a multi-channel bank insurance group with a geographic focus on Europe, catering mainly to retail clients, SMEs, and local midcaps. The group occupies significant, often leading positions in its core markets of Belgium, Czech Republic, Bulgaria, Hungary, Slovakia, and Ireland. The KBC group has also established a presence in several other countries and regions around the world.

KBC aims to become the reference for bank insurance in its core markets, which would place it among Europe’s best-performing financial institutions. Their company mission is to enable and protect the dreams of their stakeholders, to “inspire, boost, and stimulate” those who count on them day after day. To realize this vision, KBC sought to increase customer engagement by upgrading its mobile application to meet evolving customer needs.

The bank partnered with Personetics to implement a multi-lingual rollout of Personetics’ Engage business solution on KBC’s mobile channel. Featuring AI capabilities, the solution helps customers better manage their financial lives by offering hyper-personalized, datadriven insights and smart budgeting advice.

As a result of implementing Engage, KBC saw a clear rise in engagement, including high opt-in and session use above industry benchmarks with a +90% satisfaction rating.

KBC Belgium and Personetics in numbers

€320B

BANK ASSETS

2.6M

BANK CLIENTS IN BELGIUM

1.6M

BANK DIGITAL USERS IN BELGIUM

4 Languages

DUTCH, ENGLISH, FRENCH, GERMAN

+90%

CUSTOMER SATISFACTION OF PERSONALIZED INSIGHTS

47.4M

INSIGHTS GENERATED OVER TIME

6 Insights

AVERAGE PER CUSTOMER PER MONTH

35%

ACTIVE ENGAGEMENT

As a bank insurer, KBC's purpose is to help all its stakeholders realize their dreams.

KBC leveraged Personetics to offer their customers proactive, data-driven, and useful solutions for their daily finances.

KBC image Personetics

The Challenge: Increasing customer engagement in KBC's mobile channels

KBC’s challenges and goals were twofold: 1. Business objectives

  1. Business Objectives
    • Unburdening customers by proactively highlighting key events and opportunities in their daily finances
    • Customer-centric, improving customer financial wellbeing
    • Catering to all KBC customers
  2. Technology and implementation goals
    • Time to market – Accelerate time-to-market by leveraging an existing library of proven use cases and insights
    • Differentiation – Empower bank administrators to create additional custom insights to further differentiate its value proposition
    • Agility and sustainability – Leverage an agile end-to-end platform that allows the bank to adapt to changing customer needs, without lengthy IT developments

"Personetics' Engage solution provides us with both flexibility and scale. With their broad catalog of proven valuable and relevant insights, we could develop and extend our PFM solution much quicker than if we built everything from scratch ourselves. In addition, we also benefited from Personetics' extensive hands-on experience with their banking customers. With Personetics' brand-new Engagement Builder, we received a powerful solution that provides us with even more flexibility than before. It will allow us to design custom insights without the need to develop them manually. This will help us to differentiate our PFM solution with those of our competitors."

Jurgen Indekeu, Innovation Manager | KBC | Personetics

Jurgen Indekeu

Policy Advisor for Mass Retail segment

KBC

The Strategy: Develop mobile-first engagement to meet omnichannel challenges

KBC identified an opportunity to meet these goals by developing financial-data-driven personalization capabilities. The bank insurer realized that rather than building such specific personalization capabilities in-house, it would meet customer needs more efficiently and rapidly by working with a specialized third-party vendor like Personetics, which offers robust AI-based analytics, content, and management tools. KBC chose to partner with Personetics because of its proven experience and track record in engaging customers through hyper-personalization at over 50 banks globally.

KBC mobile app Personetics

The solution: Multi-lingual, in-app personalized insights and smart budgeting capabilities

KBC and Personetics’ partnership is an ongoing cycle of listening to the customer’s voice, adding new capabilities, and extending the lifetime value to nearly one million customers receiving personalized insights.

KBC and Personetics partnered in 2018 to implement a multi-lingual rollout of Personetics’ Engage business solution on KBC’s mobile channels, offering the solution in Dutch, English, French, and German to support KBC’s diverse customer base.

Personetics Engage enables KBC customers to better understand their financial behavior and supplies them with useful, real-time personalized insights such as spending forecasts based on recurrent activities and duplicate charges.

Privacy and security are a top priority for KBC, and Personetics is a key partner in ensuring that while personal transactional data is processed, clients’ data privacy is guaranteed.

Personetics’ ENGAGE white-label solution seamlessly integrates into KBC’s native app providing personalized and actionable insights.

"Our Personal Finance Management (PFM) solution allows our customers to benefit from high-quality personalized data, served in a highly relevant manner that helps them make decisions about their financial lives. Our partnership with Personetics goes beyond our goal of realizing customers' dreams and enabling greater opportunity by tangibly impacting our clients' lives."

Karin Van Hoecke, General Manager (Digital) Transformation and Data, KBC, Personetics

Karin Van Hoecke

General Manager (Digital) Transformation and Data

KBC

1

May 2018: The rollout started as a proof-of-concept
with 300 users and has grown steadily since. During the 28-week implementation, Personetics worked closely with the KBC team to build, test, and release the solution on the bank’s mobile app.

2

Since November 2018:
KBC launched a customized set of 25 personalized insights aimed to help customers better manage their financial lives.

3

December 2020:
KBC added Personetics’ Smart Budgets offering, which automatically builds targeted budgets for customers, tracks spending, and proactively informs customers of their monthly spending progress.

4

In 2021, KBC will help customers manage their spending on subscription services by providing a new set of innovative insights capable of recognizing when customers have multiple subscriptions to the same type of service and notifying customers when a free trial is ending. This enables customers to modify and optimize their subscriptions without having to keep track by themselves.

5

KBC plans to leverage Personetics’ end-to-end platform for their small and midsize business clients to increase business impact.

The results: High engagement and above-benchmark ratings

AVG

6+ INSIGHTS

PER CUSTOMER PER MONTH

OVER

90%

POSITIVE CUSTOMER RATINGS

1 IN 3

ENROLLED USERS ACTIVELY ENGAGED WITH THE SOLUTION

Customers are increasingly opting into these offerings, with the number of customers enrolling in smart budgets growing 20% month-to-month. The typical customer sees approximately 6 insights each month and is finding them valuable and worthy of engagement. The insights receive an average rating of 4.65, higher than the industry benchmark of 4.4, and almost 15% of insights are rated by customers, compared to 7% across the industry.

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