The ongoing uncertainty in the economy has put particular strain on financial institutions such as banks and investment firms. Times are challenging especially for those operating in the traditional, brick-and-mortar side of the banking and insurance businesses. But there are digitally-enabled strategies that equip financial institutions to optimize customer relationships and gain traction, even during…
It’s tough out there. Inflation remains high, and job layoffs continue in many sectors. Consequently, more Americans are relying on credit cards and personal loans. All that increased debt goes hand in hand with an increase in missed payments. The New York Federal Reserve reported that the share of payments late by 90 days or…
Rappi took the world by storm beginning in 2015 with a strong focus on responding to customer needs and building innovative technology. Rappi expanded its financial services presence with the formation of RappiPay, a digital banking company with its sights set on revolutionizing digital banking services. The Challenge: Drive customer acquisition for a new credit…
How do you gain traction for a new product in a noisy market? As a fresh entrant in the digital financial services space, RappiPay was familiar with the challenge of attracting customers to an unknown brand. RappiPay had the particular goal of gaining traction for its digital-first products with customers who’d been underserved by traditional…
New customer acquisition is a challenge for many companies right now, and banks and lenders are no exception. In this analysis, we explore how brands can engage new customers in a time when acquisition is especially challenging. Now more than ever, it’s critical that financial services firms lean into language experimentation as much as they’ve…
This article details how a leading U.S. credit card company used machine learning and AI to encourage frequent users of the call center to instead set up automated account alerts to reduce call volume. More precise and engaging language encouraged 146% more customers to sign up for account alerts. Not all customer service calls require…
Delinquency rates on the $1 trillion of debt held by U.S. households were increasing even before the COVID-19 crisis. With over 33 million Americans filing for unemployment between March and May 2020, banks are now preparing for a wave of payment challenges. New forecasts even suggest delinquency rates could be 3X higher than they were…
For financial services firms, “personal service” in the digital age has meant delivering millions of personalized marketing messages across multiple channels, for products and services that include credit cards, bank accounts, loans, payments and more. How does a bank that serves nearly half of the entire U.S. population deliver personalized banking at scale? How does…