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 value” concept enabled significantly higher account management fees – at the same time, the customer base grew instead of shrinking. The decisive factor here was precise scaling: the scope of the added value services was precisely adapted to the differently priced account models.
The challenge
- 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 surplus value account strategy
- comprehensive price adjustment at the same time
Measures
- Online cashback with up to 25% at more than 1,200 online stores
- 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% with more than 200 tour operators
- Ticket cashback of up to 7% with all major tour operators in the country or region
- 24/7 emergency assistance for tradesmen with reinsurance (€1,000 per year)
- Protection of the smartphone against theft and breakage
- All-in-one warranty extension 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
- Net commission income from account management fees: plus 40 % compared to the initial situation
- plus 15 % customer growth compared to the initial situation
- Significant increase in loyalty and appreciation among sales employees for the anchor product Giro
- 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 appeal 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.
Sören Timm, Plant Manager Sales, is your contact for the Banking & Finance business.
Alles völlig unverbindlich. Aber garantiert erfolgreich.
