Helping customers avoid too much debt, profitably
Optimising the debt management solution using behavioural economics
Applied behavioural economics
Area of Expertise:
South African financial services provider
A long-term client approached the Applied Behavioural Economics team at Genesis-Analytics to help promote uptake of its debt-management proposition, resulting in a 14-fold improvement in sales.
Through a rigorous data process the client determined that much of its customer base was in considerable debt, but failed to understand its situation and take appropriate action.
Using key insights from behavioural science, such as the intention-action gap, the team segmented the base and worked across multiple communication channels to land a behaviourally informed message to targeted customers. This involved leveraging behavioural insights in SMSes, emails, and conversations in a contact centre.
As measured against a control group, customers who were interested in the proposition (leads) increased by 361%, while the sales conversion rate increased by 216%. Together these results, and others, resulted in 14 times more sales.
Sign up for Genesis News