Teachers Mutual Bank
Teachers Mutual Bank is one of Australia’s largest mutual banks, with over 198,000 members and more than $6.9 billion in assets.
Since 1966 the bank has helped secure the futures of Australian educators with its fi nancial services, products and member support – inspired by its values of advocacy, passion, and sustainability.
Like many organisations, the Bank has encountered significant change and opportunities as the company evolves offerings for the digital age.
Driven by a vision of becoming Australia’s largest, most successful, and respected mutual bank serving the education sector and other essential services professions, two new brands (UniBank and Firefighters Mutual Bank) were added in recent years increasing their membership base.
Bringing together the three individual mutual banks under the Teachers Mutual Bank Umbrella required the organisation to deliver a consistent and seamless user experience to its growing member base.
Simultaneously, consumer service expectations have evolved to a point where financial service providers must be able to empower clients whenever they want across devices, platforms, and locations.
The Bank turned to Transformd to overcome some of these business challenges, while growing market share and improving operational efficiencies.
Together the organisations embarked upon a tailored project designed to streamline and unify applications for the Bank’s products and services, and provide a secure and highly personalised online platform for members to easily and safely submit sensitive information.
Engagement experiences included;
- O Week membership drive
- Credit Card applications
- Personal loans
- Member acquisition
- Home loan applications
- General web enquiries
“Transformd has given the Bank the ability to innovate and offer a better online experience at the speed out members need.
The ease at which employees, existing members and new applicants can engage with the platform drives multiple efficiencies, and we’re constantly reviewing where else we can leverage its capabilities across the bank.”
Having taken the time to understand the Bank’s unique business challenges and needs, Transformd worked with the bank to deploy the Transformd Customer Engagement Platform.
The technology consolidated multiple customer management databases into the single Transformd Customer Engagement Platform, equipping the Bank with enhanced control and agility of its performance.
Powered by this new capability, the Bank was able to:
Rapidly personalise and publish personalised communications and experiences
Using prebuilt configurations in the Transformd Customer Engagement Platform, the Bank was able to easily and rapidly create personalised communications for members, which are shared across mobile, laptop and PCs.
Improve the speed and quality of service
Insights driven out of the Transformd Data Analytics Platform have enabled the business to test and learn and optimise the customer experiences. It also equipped internal stakeholders with a holistic and integrated view of all data which helped accelerate the speed at which member engagements could be resolved.
Automate responses and interactions
Event driven workflow features in Transformd Customer Engagement Platform automatically trigger prebuilt configurations when certain engagements occur, or information is provided. This ensured members and applicants were served personalised and relevant information that helped progress their query without being held up by resubmitting duplicate information.
Consolidating multiple customer engagement platforms into a single location also empowers Transformd to validate sensitive data and pre-populate member information in real-time based on previous interactions. This further increased the personalised nature of the engagement, and the speed at which it was processed.
The business benefits enabled by Transformd are best demonstrated by the positive impact made on one of the bank’s busiest periods – O Week.
Armed with just a mobile device, the Bank was able to undertake and upload new applications on the spot – regardless of the service chosen. As a result of the simplified and convenient experience, the Bank is able to convert interested applicants into new members – helping the bank realise its vision of becoming Australia’s largest mutual bank.
The consolidation of multiple data sets into a central database also boosted the user experience. The Bank could automatically sort through and distribute applications for approval, and new submissions were pre-populated from existing data sets to accelerate the process.
- The Transformd application form was accessible from any device, and easy for staff to use at events.
- The O Week 2018 campaign saw an 84% increase in application submissions.
- This increase resulted in an uplift of 91% to converted members compared with the previous year.
- Overall, conversion rates improved by 4% using the new solution.
“Transformd has been a fundamental partner in our evolution.
The customer engagement platform equipped us with the capabilities we need to deliver a seamless and consistent experience across our expanding product portfolio, and empowers us to rapidly satisfy the evolving and increasing demands of our growing member base.
The future of the Bank is digital, with plans underway to use new digital technologies and drive automation. We’re partnering with Transformd to create this future, and are excited to draw upon the organisation’s enterprise as we continue to evolve and personalise the experiences we deliver.