15 % more customers, 40 % more commission:
Banking the profitable way.
What is worth more can also cost more.
For a regional bank from northern Germany with an annual turnover of 300 million euros, Mehrwerk developed a value-added solution that literally took the current account "out of the price war". The data-driven "added values" enabled significantly higher account management fees - at the same time, the customer base grew instead of shrinking. The decisive factor here was the precise scaling: the scope of the added value services was precisely adapted to the differently priced account models.
Callenge
- Change of strategy for the current account offering: from price-based to value-based selling
- Significant increase in the account management fee
- Focus on the current account as an anchor product
- Revitalization of sales
- Development of a new brand story as well as emotional and authentic sales stories
Strategy
- Implementation and development of a value-added account strategy
- at the same time comprehensive price adjustment
Measures
- Online cashback of up to 25% at more than 1,200 online shops
- Regional cashback of up to 25% when shopping at more than 1,000 partners in the region and automatically with a card
- Travel cashback of up to 7% at more than 200 tour operators
- Ticket cashback of up to 7% at all major tour operators in the country or region
- 24/7 emergency assistance for tradesmen with reinsurance (€1,000 per year)
- Protection of smartphones against theft and breakage
- All-in-one extended warranty for all household and electrical appliances
- 24/7 worldwide wallet protection (including emergency cash, cash insurance and wallet replacement)
- Communication via online banking, own mobile app, browser extension, customer magazine, newsletter and social media
Success
- Commission income from account management fees: plus 40% compared to the initial situation
- plus 15% customer growth compared to the initial situation
- significantly increased loyalty and appreciation of sales employees for the Giro anchor product
- more than 30% usage rate among end customers
Conclusion:
Product at a new level, yield significantly optimized.
The current account moved from the niche of an interchangeable me-too product to a new premium level: the value-added services ensure lasting attractiveness and not only retain existing customers, but also massively attract new customers.
Do you need a customized banking or finance value-added solution?
Talk to me.
Talk to Sören Timm:
He is Head of Sales at Mehrwerk, and that means as much as Head of ExactlyTheSolutionYouNeed.
All completely non-binding. But immediately solution-oriented.
Making
the difference
