Fifth Third Bank: Redefining marketing through a unified platform
We’re using one platform for all of our channels – online banking, mobile, branch, direct mail, email, and telemarketing. All being done within one system, using the same data…That’s been critical for us.
- Unified inbound, outbound market
- Operationalized predictive analytics and machine learning
- Applied rules consistently across all channels.
The Business Issue
Fifth Third Bank had been taking a “batch and blast” approach to engaging customers. Lines of business ran campaigns independently of one another, relying on segments to push messages to customers. This resulted in customers receiving multiple, conflicting offers without having their preferences and past history taken into account.
This disorganized practice made it hard for Fifth Third to attract new customers. In addition, because each business unit operated independently it was difficult to track results and gather new and more relevant information about their customers that could be used to engage them more effectively.
Using Pega, the bank unified all of its channels – online, mobile, branch, direct mail, and telemarketing – using data from each to determine the next best action for every customer during every engagement – regardless of channel. By transitioning from a segments and campaign approach, Fifth Third developed an “always-on ecosystem” to ensure that customers were always receiving the most relevant message at the right time.
By consolidating marketing under one platform, Fifth Third Bank has been able to:
- Maintain compliance with US and international financial regulations.
- Reduce marketing costs (e.g., direct mail) through channel optimization.
- Financial Services