Ikano Bank is an international bank that offers various financial products and services, including savings, loans, credit cards, and insurance. The bank focuses on providing simplicity and sustainability in its services and strives to build long-term customer relationships. Ikano Bank actively works to improve and develop its customer experience with a focus on increasing customer loyalty.
How can banks improve their communication strategy for KYC (Know Your Customer)?
Know Your Customer (KYC) is a process that financial institutions, including banks, must undertake by law to collect information about their customers. If a customer does not provide the necessary information for KYC or if the bank cannot verify the provided information, it may result in the customer being denied services or having their accounts suspended, for example.
When Ikano Bank wanted to offer its customers even better service and improve the results in KYC collection, they initiated a collaboration with Wiraya.
"Like all other banks, we have set up a system to digitally collect customer information, a legal requirement we must follow. This is primarily done through digital outreach. However, we do not want to put our customers in a difficult situation, and for that reason, we try to do everything we can to collect customer information to avoid, for example, blocking debit or credit cards."
Carl Norrman
New communication strategy to meet customers on their terms and increase KYC collection
Together with Wiraya, Ikano Bank set up a communication strategy focused on activating and engaging customers in connection with KYC. The existing digital outreach continued in the same way as before, and the communication flow with Wiraya was directed toward customers who, despite the digital outreach, had not completed their KYC.
"The biggest gain from the collaboration is that we have achieved a 25% increase in conversion from customers! Additionally, it is very rewarding from a customer perspective because we simplify their everyday lives, and the customer avoids any friction when something is blocked."
Carl Norrman
Results in numbers
Over 90% of the target audience is reached by the communication.
Of the customers reached, an average of 72% listened to the KYC call.
The percentage of customers completing their KYC ranges from 33-43% over time.
Ikano Bank's Strategy Success
Watch the video on how a new communication strategy helped reduce late invoice payments
