Helping customers avoid too much debt, profitably

Project name:
Optimising the debt management solution using behavioural economics

Service:
Applied behavioural economics

Sector:
Financial services

Area of Expertise:
Behavioural change

Client:
South African financial services provider

Date:
2017

Country:
South Africa


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.

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