BANKING & FINANCE | ENGAGEMENT
Amar Bank’s Customer-centric Campaign Performs 8.5x Better than Industry Average
2x
Boost in customer engagement
7.25%
Conversion rate for flow campaigns
About Amar Bank
PT Bank Amar Indonesia Tbk. or Amar Bank, is an Indonesian digital bank. Established in 1991 and relaunched to Amar Bank in 2015, the bank has since undergone a significant digital transformation to become one of the country’s forerunner fintech institutions through its award-winning digital lending platform, Tunaiku. Launched in 2014, Tunaiku is Indonesia’s first app-based digital lending platform that leverages big data and predictive analytics to serve Indonesia’s unbanked and underbanked population. It continues to remain the flagship product of Amar Bank. Tunaiku provides personal loans to individuals and micro-businesses. Applications are processed and approved within 24 hours. Amar Bank (stock code: AMAR) is listed on the Indonesia Stock Exchange (BEI). In 2020, Amar Bank launched Senyumku, Indonesia’s first cloud-based mobile-only intelligent bank, adopting AI technology to encourage good savings habits and for better control of personal finances.
Business Challenge
While Amar Bank was amongst the top-performing banks, it still faced a few hurdles in its customer engagement and retention activities. This fueled the need for higher efficiency and performance, encouraging them to reinforce their digital revolution plans. - They wanted to map the user journey better,to understand and be closer to their customers. - They wanted to optimize and assign customer attribution with retargeting campaigns with their existing tools. - The proprietary push notification tool wasn’t fulfilling the maximum delivery and performance necessary. - They wanted a platform that could deliver customer engagement analytics in real-time. - They had to build campaigns from scratch each time, taking up valuable time, money, and effort.
Using MoEngage, we’ve been able to adopt AI technology to encourage our customers to go digital, adopt healthy saving habits, and make better financial decisions. We’ve also been able to better map the customer journey, providing a seamless experience, easy solutions and be closer to our customers, resulting in a 2x boost in customer engagement.
Abraham Lumban Batu
Senior Vice President of Retail Banking
Amar Bank’s Path to Peak Engagement
Upon partnering with MoEngage, Amar Bank took the initiative by solving various challenges and massively improving their overall customer engagement and retention performance by following an insights-led approach to engagement, focusing on being more customer-centric rather than campaign-centric. Furthermore, a seamless integration experience with a low TAT of 1 month enabled Amar Bank to set up and deploy its engagement and retention strategies swiftly. They could then better understand their audiences and channels to optimize customer engagement.
Hitting the Highs of Email Engagement
Amar Bank was able to leverage MoEngage’s robust capabilities by significantly optimizing its email campaigns. One such instance is using Email and SMS channels to bring back customers who had uninstalled their app. Other campaigns include reminders, survey ratings, retargeting, etc. The optimization of their engagement and retention strategy resulted in Amar Bank’s uplift in overall email performance.
Products Used
Customer Journey Orchestration
Create unique, seamless experiences at every stage of your customer’s journey.
Email Builder
Create emails that convert with fastest and easiest email builder
Push Notification
Reach customers at the right time using AI-powered, targeted, push notifcations
RFM Segmentation
Create nuanced segments based on recency, frequency, and monetary value of customer transactions
The Results
With MoEngage, Amar Bank was able to build an omnichannel strategy on top of a customer-centric, insights-led approach to engagement and:
- Significantly lower turnaround time to set up and deploy campaigns
- Segment their customers and prospects based on recency, frequency, and monetizability
- Analyze and optimize their campaigns in real-time
- Position themselves as a digital-first bank in the minds of the consumers
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