How DENIZBANK Restored Credit Usage Levels With Netmera’s Funnels
DenizBank
Denizbank, a leading bank in Turkey, has distinguished itself since its inception by placing technology and innovation at the forefront, making it among the pioneering financial institutions in the country and a prominent player in its sector.
MobilDeniz, on the other hand, is DenizBank’s mobile banking application that enables individuals to carry out their daily banking transactions through their mobile phones 24/7 from anywhere they wish.
Challenge
Despite increased credit searches from November 1-15, credit applications decreased. DenizBank recognized that this decline was not solely attributable to the situations in the financial markets. DenizBank wanted to understand at which step customers who want to apply for credit through MobilDeniz faced issues in the application process.
Solution
DenizBank, aiming to resolve the issue, used Netmera’s funnel feature to understand at which step customers faced issues in the application process. When examining the Credit Application Funnels in Netmera, the data for this process in November revealed the following:
Only 5% of customers entering the credit application flow reached the result screen. This rate was previously 10%. In other words, about 15.000 customers experienced a decline in the trend.
Utilizing Netmera’s advanced Funnel feature, DenizBank analyzed all screens from loan application to approval, considering both quantity and proportion, even breaking down the analysis based on operating systems and device variations. DenizBank reviewed the daily and monthly proportional development from the beginning of 2023 to identify any issues within the flow.
Thanks to Netmera’s advanced data analysis and Funnel feature, DenizBank realized that its users were not abandoning the flow willingly but could not progress through it. Funnels are one of the most effective tools for detailed analysis of user behavior and better tracking of user journeys. By feeding these behaviors into Netmera and dynamically visualizing the expected flow through Funnels, DenizBank could monitor the flow users were supposed to follow on MobilDeniz.
As a result, DenizBank discovered that the devices exiting the credit application flow had the Android operating system. Due to this issue, users applying for credit through MobilDeniz could not view or approve credit application contracts. Instead, they experienced a continuously loading screen animation. The outdated models and operating system versions of these devices caused issues such as customers being unable to view contract screens and give contract approvals properly.
After resolving the issue, DenizBank wanted to enable users who had previously encountered this problem to resume their credit applications on MobilDeniz seamlessly. DenizBank implemented re-targeting campaigns and push notification strategies to reclaim lost customers and promote credit usage.
After resolving the issue, DenizBank wanted to enable users who had previously encountered this problem to resume their credit applications on MobilDeniz seamlessly. DenizBank implemented re-targeting campaigns and push notification strategies to reclaim lost customers and promote credit usage.
Results
DenizBank’s adopted strategy and Netmera’s advanced Funnel technology successfully addressed the issue of low conversion rates in credit applications made through MobilDeniz. As a result, the rate at which customers reached the results screen during the application process was restored to 10%. Additionally, through technological solutions and retargeting campaigns conducted via Netmera, DenizBank reduced churn rates from 55% to 32% and provided credit utilization to 35% of the affected audience. The swift resolution of the problem underscores the success achieved by accurately using technology and data.
Testimonial
“With Netmera’s advanced Funnel technology, we identified the issue and pinpointed the key for its resolution, ensuring customer satisfaction. By retargeting the audience who experienced a decline in the credit flow trend through push notifications via Netmera, we enabled them to utilize their already approved credits. Thanks to Netmera’s advanced data analysis and technological infrastructure, DenizBank can continue to enhance customer satisfaction.”
Yalçın Yalınkılıç
SVP – Digital Sales and Marketing
