Explore our latest thought leadership, ideas, and insights on the issues that are shaping the future of business and society.
Choose a partner with intimate knowledge of your industry and first-hand experience of defining its future.
Discover our portfolio – constantly evolving to keep pace with the ever-changing needs of our clients.
Become part of a diverse collective of free-thinkers, entrepreneurs and experts – and help us to make a difference.
See our latest news, and stories from across the business, and explore our archives.
We are a global leader in partnering with companies to transform and manage their business by harnessing the power of technology.
Explore our latest thought leadership, ideas, and insights on the issues that are shaping the future of business and society.
Our number one ranked think-tank
Choose a partner with intimate knowledge of your industry and first-hand experience of defining its future.
Discover our portfolio – constantly evolving to keep pace with the ever-changing needs of our clients.
Explore our brands
Explore our technology partners
Become part of a diverse collective of free-thinkers, entrepreneurs and experts – and help us to make a difference.
Explore careers with our brands
See our latest news, and stories from across the business, and explore our archives.
We are a global leader in partnering with companies to transform and manage their business by harnessing the power of technology.
In a hyper-competitive digital environment, banks that can leverage the power of personalization to drive customer loyalty and engagement have the pole position on growth. Turning data-driven insights into value propositions that meet individual customers’ needs and lifestyles is half the battle; delivering those targeted offers when and where customers need them is the critical last mile.
Banks understand the dynamic, but they struggle to deliver personalized offers at scale.
Forty-nine percent of institutions surveyed for Capgemini’s World Retail Banking Report 2022 cited lags in delivering personalized content through the right channel as a significant pain point in their customer lifecycle processes. Primary roadblocks include:
For many growth-minded banks, modernizing offer management systems to boost speed to market, optimize offer outcomes, and grow customer relationships across business lines and delivery channels has become a strategic priority. It’s a big transformation, involving people, processes and technology, but the potential payoffs in terms of customer loyalty and growth can make the effort worthwhile.
Offer management solutions help banks and other financial services firms manage the entire offer lifecycle. The solutions are comprehensive and revolve around four key stages—strategy and ideation, design, delivery and fulfillment—which are illustrated in the diagram below.
The goal is to improve customer acquisition and retention by delivering the right offer to the right customer via the right channel at the right time. Yet most solutions fail to achieve their potential.
For many, speed to market is a core challenge. Targeted offer rollouts at the average bank move through 12 to 14 touchpoints and can take up to 180 days to get from ideation to fulfillment—much too slow to meet the rapidly changing expectations of today’s customers.
Often, the speed and quality of offers—and how they’re delivered and fulfilled—are hindered by legacy technologies and practices. Roadblocks populate every stage of the process:
In short, the entire offer management system needs an upgrade. Recently, we have seen chief marketing officers (CMOs) asking tough questions about their offer management transformation journeys:
Bankers can answer those questions by leveraging new processes and technologies to make their offer management systems faster and more agile. The goal is to build a robust solution that can quickly and effortlessly create, track and manage offer bundles across multiple business lines and channels, without manual intervention.
Key target state priorities for offer management include:
Leveraging double-play and triple-play offers that combine products from multiple business lines across digital and social media channels is critical to driving customer acquisition and retention. Digital and social media channels where customers are most comfortable can be used to deliver bundled offers. Average banks have retention rates of 87% while top performers’ rates exceed 95%.
Accelerating the speed to market of offers is a must. Simplifying and systematizing processes can help a bank reduce offer launch times from ideation to market, a key measure of institutional agility, from as many as 60 days to as few as five days. Reviews and approvals, which average about 10 days for most institutions, can be reduced to one day. Adopting a scalable global operating model can enhance coordination among different teams, speeding the process more.
Focusing on the offer value chain can improve outcomes. Specifics include shifting to multi-touch attribution for channels and leveraging on-time eligibility and audience management instead of batch-based audience selection. Using system-driven orchestration and model-driven arbitration and leveraging APIs to provide a choice of offers can create better omnichannel experiences. Leaders are leveraging new technologies to build near-real-time inquiry response capabilities—an advantage when the average industry response time is 10 days.
Overhauling an offer management system to achieve strategic growth goals is a big task. Banks that are successful often make changes at each stage of the process. Initiatives that can provide the best returns include:
Achieving a target state offer management system that enhances efficiency and effectiveness is a journey that can require changes in people, processes and technology. Key actions to consider include:
Banks that upgrade offer management strategies, processes and technologies can accelerate offer timelines and facilitate personalized campaigns to drive growth, efficiency and effectiveness.
We help banks navigate the digital landscape with an end-to-end suite of services and capabilities driven by our Connected Marketing engine.
We are sorry, the form submission failed. Please try again.
We are sorry, the form submission failed. Please try again.
Our brands:
We respect your privacy
We use cookies to improve your experience on our website. They help us to improve site performance, present you relevant advertising and enable you to share content in social media.
You may accept all cookies, or choose to manage them individually. You can change your settings at any time by clicking Cookie Settings available in the footer of every page.
For more information related to the cookies, please visit our cookie policy.