How DNB Finance increased the number of paid invoices by 77%.
How DNB managed to increase the number of paying customers by 77% with a new interactive reminder.
Many banks are experiencing difficulties in getting customers to pay invoices on time. Missed payments not only mean credit losses, but can also result in dissatisfaction and lost customers in the long run. An unsuccessful payment can of course be due to many factors, but what do you do as a bank when regular payment reminders, by postal mail, do not give the desired outcome?
DNB is one of the leading Nordic players in banking, finance and insurance. In the Swedish market, DNB offers most services and products demanded by medium and large companies and institutions. For private customers, DNB, through partners, offer credit cards, car loans and a wide range of funds. DNB Finance chose to use Wiraya’s personalised mobile communication to target a critical moment in the customer lifecycle – missed payments! This communication flow engaged with customers to encourage them to act and pay their invoice.
“With Wiraya, we can tackle the challenge of really reaching out with important customer information. Now that we do, we can help more customers than before to quickly pay their missed invoices. Customers also appreciate getting personalised service and we at DNB are positively surprised by the good conversion. With Wiraya, we get 77% more paid invoices compared to the previous postage reminder.
Head of Debt Collection
the purpose & solution
An effective reminder to customers who missed their payment
In order to get more customers to act on a payment reminder, it is important that the communication is service-oriented and on the customer’s terms. But what do you do if a reminder through traditional mail fails to create the desired effect? By using Wiraya’s personalised but automated communication, you’re able to compliment your existing processes, uplifting the outcome, leading to more customers paying their overdue invoices.
By combining voice and text messages, DNB effectively increased the number of customers paying their invoices. The main focus is to deliver excellent customer experience and to make it as easy as possible for the customer to take action. Wiraya is supporting DNB by setting up the communication flow from start to finish, including copywriting, studio recording with a professional voice actor, writing SMS copy and configuring the flows on the Wiraya platform.
77% more paid invoices compared to the traditional postal reminder
The new reminder reached over 90% of the target audience in the mobile phone. 54% responded to the communication and 46% of them chose to act directly on the phone. To DNB’s delight, 77% more customers chose to pay their invoice within one week compared to the control group that consisted of customers who only received a traditional postal reminder. Thanks to the good conversion and positive response from customers as well as customer service, DNB now continues with the estimated monthly reminder.
Want to learn more about how Wiraya can help you active and engage your customers in the critical moments of your customer lifecycle? Schedule a demo below.
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