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Financial Services Industry Success Stories Since 1982, QualPro has helped a broad range of financial services companies improve their results for acquiring new customers and selling more to existing ones. Financial Services Success Stories: Highlights Citigroup - In the past, Citi Cards' cross-sell organization has enjoyed significant success with credit card related financial products. Eroding response rates, however, still posed a problem. The team turned to the MVT® process to respond to this challenge and find quick solutions. As a result, Citi Cards realized an astonishing 110% increase in direct mail response rate along with an 8% increase in balances and a significant increase in revenue. Visa - Visa had a strong desire to increase small business debit card usage among cardholders enrolled in its innovative Visa Extras loyalty program. Using the MVT® process, they tested a variety of communication options and identified the most effective communication stream (content, timing, and channel) based on a variety of cardholder characteristics and responses. The result was a 21% increase in cardholder spending. This project represents a clear demonstration of the value of testing many ideas to develop an effective customer communication strategy. Progressive Auto Insurance - Progressive Auto Insurance needed to motivate 30,000 independent sales agents to increase sales. To find out what incentives would work, Progressive used MVT® and setup an experiment involving over 600 agents. When the results were in, the numbers were surprising. Money was not all that mattered. The factors that impacted sales showed what the independent insurance agents really wanted and needed. According to Progressive, "the things we found had opportunities in the hundreds of millions of dollars". Deluxe-Boeing Employees' Credit Union - Deluxe and BECU, a $6.3 billion credit union, focused their MVT® effort on creating a superior customer experience. As a result of the four-week test, Deluxe-BECU experienced an average account balance increase of 224.5% for their members, a 6.1% lead rate increase, and those customers opened three times the number of new accounts. American Express - The global travel, financial, and network services provider turned to MVT® to reduce their voluntary cardholder attrition, increase consumer spending, increase cardholder transaction volumes, and improve program participation. MVT® experiments helped American Express achieve a 12% increase in transaction volume, 7% increase in consumer spending, and a 5% increase in program participation. Allstate Insurance - Allstate's goal was to use MVT® to evaluate multiple direct mail creative variables to determine which ones produce the strongest response to their customer cross-sell offer. Cross-selling is seven times more effective than prospecting for new customers, and multi-line customers have higher retention rates. With millions of customers who have only a property or auto insurance policy (but not both), even a small gain in the percentage of customers with both policies is worth millions of dollars in revenue to the Agent and the Company. Testimonial Video: Executives Describe Using MVT® to Improve Sales and Profits (16.9MB) Request More Information about QualPro's Services Is MVT® right for you? Schedule a no obligation conversation with an MVT® Expert. |
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Since 1982, QualPro has used Multivariable Testing (MVT®) with 1000+ companies to test 100,000+ improvement ideas. MVT® tests between 20 and 40 ideas simultaneously, accurately predicting the bottom-line impact of potential process changes in weeks. Take existing process initiatives, like Six Sigma, to a whole new level. All process improvement tools and approaches (TQM, DOE, Six Sigma, Re-Engineering, SPC) can be enhanced through the use of Multivariable Testing by QualPro.
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QualPro, Inc. • P.O. Box 51984, Knoxville, Tennessee 37950 • 800.500.1722 • 865.927.0491 • 865.927.0495 fax © 2006, All Rights Reserved, QualPro, Inc. |