Banco de Crédito del Perú increases digital sales 15-fold with One-click cross-sell
About Banco de Crédito del Perú
Banco de Crédito del Perú (BCP) provides integrated financial services in Peru. It has been present in the country for over 127 years and serves over 13 million customers through a network with 8,340+ points of contact. BCP also offers asset management, exchange transactions, treasury, custody and investment consulting services, and financial research activities.
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About Neo Consulting
Neo Consulting, a Google Cloud partner, has been providing consultancy services on ecommerce, strategy, and digital transformation for over 20 years to different companies and projects in Peru and Latin America.
Helped by Google Cloud and Neo Consulting, the banking institution found new entry points for cross-selling opportunities and managed to double its digital sales within a month.
Results
- Doubled digital insurance sales in the first month of deployment
- Insurance sales grew 70% in the first two months of deployment
- Digital sales increased from 8% to 39% in less than a year
Offers one-click buying to customers
Banco de Crédito del Perú (BCP) kicked off a transformation journey with Google Cloud. This banking entity has trusted in cloud technology for years, which led it to decide to add more tools to create a new project.
In 2019, BCP chose to provide a quality product to its customers that also allowed the company to scale and become more competitive in Peru’s financial market.
The bank’s digital marketing department needed clear performance metrics and aimed to increase cross-sell rates and the average number of products per customer.
BCP’s teams, led by Digital Sales Tribe Leader Rafael Lemor and Growth Hacker Lead Eros Paredes, also needed to try new things in the bank website’s front end, using A/B testing with propensity models and adequately protected lead databases.
Facing these challenges, and helped by Neo Consulting, the organization decided to go ahead with One-click cross-sell, a project designed to make it easier for customers to purchase products.
“With One-click, we thought of practical ways to help customers obtain our services in only a few steps.”
—Diego Nasra, Product Owner, Banco de Crédito del Perú (BCP)Nasra also points out that BCP needed this because most people have a negative perception of banks, avoid their products, or only purchase them when necessary: “We faced the challenge of making the process easier because if you take a potential customer from one window to another, switching between totally different processes, you are likely to lose them.”
An environment for development
According to Nasra, Peru’s market aims to increase banking penetration to 60% of the country’s population in the next few years. Although digitization is still fledging in the financial market, the COVID-19 pandemic has accelerated that process in financial institutions.
This is why most Peruvian banks are updating their digital portfolios to provide self-managed solutions in the short term and reduce foot traffic at branches.
“Today we have various mechanisms, such as electronic wallets and other apps, which, aided by cloud technology, provide people joining the banking system with increased security.”
—Alberto Mandujano, Digital Strategy and Innovation Consultant, Neo ConsultingIn this context, BCP decided to take the first steps toward One-click cross-sell, commit to creating a service that would make a difference in the market, and set high expectations for the tools’ efficiency.
Beginning the transformation
The process was split into three major phases. In the first, BCP identified the opportunity. The second phase focused on developing the architecture using BigQuery. Lastly, the third phase covered the solution launch.
About a month after launching, One-click cross-sell had already completed development and started delivering early deployment results.
Thanks to direct integration with tools from Cloud Functions, Pub/Sub, BigQuery and Cloud Scheduler, and plug-and-play solutions, BCP was able to test and implement this functional solution within days.
With that development, BCP can now identify its clients using cookies and link them to propensity models uploaded in the cloud. Thus, customers who already have the cookies no longer have to fill out purchase intent forms, and, instead, they express their intention to buy a product with a single click. Later, the bank’s channels validate the identity of leads, process them, and offer the product they requested.
The organization makes sure the information is encrypted to protect its customers’ assets. As a result, they managed to achieve a 15-fold increase in sales, from 8% of digital sales before the pandemic to 39% currently. Indeed, online sales doubled in the first month of deployment; after two months One-click sales accounted for more than 70% of card insurance sales.
Moreover, the solution allowed BCP to find new entry points for cross-selling opportunities, as reduced sales funnels proved essential. This helps reduce friction caused by forms in insurance purchasing processes.
“We managed to narrow down the information the user must provide to a single field from a modal without altering their browsing experience. Fewer steps in the purchase process significantly increase the conversion rate.”
—Diego Nasra, Product Owner, Banco de Crédito del Perú (BCP)This also means the organization can now identify trends and have a better idea of which products to offer its customers.
Furthermore, productivity has increased, resulting in shorter, more effective processes and improved identification of customer intent.
As for security requirements, the solution runs outside the bank’s critical transaction systems, in a layer that does not use crucial customer data. Therefore, Google Cloud’s default security features have sufficed.
The continuous updating of cloud tools also provides opportunities to improve requirements in potential future apps.
According to Joao Negrini, Neo Consulting’s Head of Digital Channels, “as Google Cloud tools are so easy to learn, we can keep considering an alliance in the future and think about developing new projects.”
One-click cross-sell’s success with card insurance sales has led BCP to plan replicating the solution in its other digital products and assess similar use cases.
Tell us your challenge. We're here to help.
Contact us
About Banco de Crédito del Perú
Banco de Crédito del Perú (BCP) provides integrated financial services in Peru. It has been present in the country for over 127 years and serves over 13 million customers through a network with 8,340+ points of contact. BCP also offers asset management, exchange transactions, treasury, custody and investment consulting services, and financial research activities.
About Neo Consulting
Neo Consulting, a Google Cloud partner, has been providing consultancy services on ecommerce, strategy, and digital transformation for over 20 years to different companies and projects in Peru and Latin America.