Raisin Achieves 18% Conversion Rate Increase with Bloomreach and Vecton
Raisin is a secure, one-stop savings marketplace. The company helps people control their financial futures by bringing them the best financial products, all in one place. Raisin also empowers banks and other financial institutions to grow by working to create a better connected and more resilient financial industry.
Raisin has the goal of offering the best possible financial products to its customers in the most convenient way.
Recognizing that every customer has unique preferences and requirements, Raisin aims to provide tailored and consistent experiences by leveraging its mobile app and using mobile marketing strategies to connect with customers.
One big challenge facing Raisin was its desire to match customer personal needs with suitable financial products. On top of that, Raisin wanted to use e-commerce personalization tactics to best connect customers with their desired financial products.
It is important for us to use our customer data in a meaningful way. That’s a huge focus for us. Bloomreach Engagement helps us to increase our customer lifetime value and use our data to deliver personalized experiences across various channels.
Raisin was already using Bloomreach Engagement to monitor customer preference data in real time. The platform provided Raisin access to up-to-millisecond information on the specifics of financial products being offered to customers.
Vecton integrated this information and developed a unique automated e-commerce personalization use case called the “interest rate increase auto alert”.
On a daily basis, Bloomreach Engagement verifies the interest rates for deposits and compares them to the rates previously viewed by interested customers. If the interest rate of a specific deposit increases, the system notifies the interested customer through a mobile notification.
The solution was developed and deployed by Vecton experts in France, Spain, Germany, and the United Kingdom in just one month. The flexibility offered by Bloomreach Engagement facilitated this incredible use case and the real-time capabilities of the platform make limitless use cases like this possible.
Bloomreach Engagement establishes a real-time process to save and update the products that are most interesting to each individual customer visiting the online shop or app.
The “interest rate increase auto alert” use case works automatically to recommend products for customers — meaning they receive a list of products that are best for them based on the products that they visit online. If there are favorable changes for the customer, Bloomreach Engagement triggers a personalized notification with the link(s) to the updated product(s).
The use case includes data cleaning and expiration rules to ensure optimal performance. These rules include parameters so that customers aren’t receiving notifications too frequently and that unneeded data is regularly deleted to maintain efficiency.
A comprehensive and detailed dashboard was also created to enable the marketing and commerce teams to track the effectiveness of the “interest rate increase auto alert” use case. The dashboard serves to monitor the outcomes and ensure the quality of the implemented solution.
This well-executed personalization use case offered benefits both for Raisin and its customers.
Aligned with the Raisin mission, customers now receive the finest financial products in the most convenient way, resulting in increased interest. For Raisin, the numbers associated with this use case speak for themselves as the company has seen an 18% increase in conversion rate since implementation.
"An 18% uplift in conversion rates is a remarkable boost in performance of the product, especially valuable as the Raisin business scales," said Arek Kustra, CEO at Vecton. “The benefits extend beyond immediate gains, fostering long-term improvements in customer satisfaction and loyalty."