Bank gets more customers to go mobile

Project name:
Bank gets more customers to go mobile

Service:
Strategy
Financial institution expertise

Sector:
Financial Services

Area of Expertise:
Retail banking

Client:
A large Pan-African bank

Date:
2014

Country:
South Africa


A large Pan-African bank commissioned Genesis to conduct an analysis of the mobile-banking market in South Africa and to craft initiatives to drive rapid mobile adoption, allowing it to achieve aggressive targets set by the executive.

The goal of the project was to develop a clear understanding of the addressable market for mobile-banking applications. In order to do this, the bank’s user base was profiled using the data capabilities of Genesis's former internal analytics specialists, Moxon Solutions. This allowed the bank to identify the characteristics of early adopters, which ultimately led to targeted adoption initiatives in the marketing and channel space.

At the conclusion of the project, the Genesis team was instrumental in setting up a steering committee to bring together various stakeholder groups, all of whom wished to migrate customers from fairly expensive channels, such as branches, to fairly inexpensive channels, such as a mobile-banking app or internet banking.

The client managed to reach the target of one million customers seven months before it had expected to.

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