BAC | Credomatic Transforms Banking with Acquia Lift
For many financial services companies, digital transformation is an uphill battle. Strict industry regulations and an emerging millennial demographic that expects responsive design and engaging experiences are among the challenges facing the financial services sector in the digital age. These obstacles have crippled many financial services companies, but BAC | Credomatic knows this doesn’t have the be the case. In a presentation at the 2016 Acquia Engage conference, Luis Serrano Alvarez of BAC | Credomatic shared how the financial holding company became the first and only bank in Central America capable of delivering real-time, personalized experiences to its customers.
In 2015, BAC | Credomatic discovered that the number of digital users visiting its site was increasing at a rate of 100 percent year over year. The bank’s digital platform couldn't keep pace. The company suffered from a disjointed technical system, a complicated IT infrastructure, and its digital properties lacked an engaging user experience and a responsive design. BAC | Credomatic wanted to deliver a new multi-channel, user-centric banking experience for the Central American economy, and to create a platform that would enable marketing teams to create tailored user experiences.
For BAC | Credomatic, the first step was understanding what makes a good website. Serrano and his team studied the digital platforms of other financial services companies and investigated brands that are revered for the digital experiences they deliver. From Tesla to Amazon, Netflix, and Uber, BAC | Credomatic recognized the common thread: a dedication to user experience. Providing customers with an intuitive and engaging user experience is a rarity within the financial services industry. BAC | Credomatic sought to redefine how banks interact with customers online and to develop a digital platform that deemed the user the priority.
BAC | Credomatic turned to Acquia and its Lift suite of personalization tools to elevate customer engagement and brand experience. This process began by understanding that every customer is unique. “Success is different for every user,” Serrano said. “The priorities of a customer who is looking for a loan can be very different compared to the customer who registers for a new credit card.” To properly service both loyal and prospective customers, BAC | Credomatic would have to develop a personalization strategy to make each user’s journey unique.
With the help of Acquia Professional Services, BAC | Credomatic developed personas around users who had real problems and needs. The construction of a new digital platform attempted to provide customers with answers and intuitive solutions to these needs. With Acquia Lift, BAC | Credomatic can now push personalized content and provide tailored online experiences to all of its users, regardless of their entry point. For the first time, BAC | Credomatic digital strategy is data-driven because Acquia Lift allows the company to remain informed of customer analytics and statistics.
BAC | Credomatic has developed a digital platform that makes customers the priority. BAC | Credomatic as emerged a leader in digital experience delivery in the financial services industry, and it has the results to prove it. The company's’ new website has increased organic traffic by 140 percent and site visit duration by 15 percent. In the first six months alone, BAC | Credomatic witnessed an 101 percent increase in online sales. If that wasn’t enough, over the past year BAC | Credomatic has realized a differential profit of more than $13 million since rolling out the new site.
Watch the full presentation, Transforming Banking in Emerging Economies, below: