How DENIZBANK Improved Loan Application Rates With Netmera’s Funnels
Denizbank, a leading bank in Turkey, has distinguished itself since its establishment 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.
Despite rising loan search volumes, DenizBank noticed a decline in loan applications. They realized the issue went beyond financial factors. To improve the process, DenizBank aimed to identify where users faced difficulties during the loan application journey on their mobile app.
DenizBank used Netmera’s Funnel Analysis to understand at which step customers faced problems in the application process.
DenizBank analyzed all screens from loan application start to approval, considering both quantity and proportion, even breaking down the analysis based on operating systems and device variations. They reviewed the daily and monthly proportional development from a few years back to identify any issues within the flow.
First, they found out that only 5% of users entering the credit application flow reached the result screen. This rate was previously 10%.
DenizBank also discovered that users were abandoning the flow due to technical issues. Funnels, a powerful tool for tracking user journeys, enabled them to visualize the expected flow by setting up events in Netmera. This allowed effective monitoring of user behavior within the app.
DenizBank realized that users dropping out of the loan application process were using Android devices. These users faced a continuous loading screen animation when trying to view or approve credit contracts due to outdated phone models and operating system versions, which prevented proper display and approval of contract screens.
After resolving the issue, they retargeted affected users with push notifications, successfully re-engaging them and boosting loan application completions.
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.
“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
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