Social Impact Meets Business Results in the Financial Industry
According to the Federal Reserve, 22% of American Adults (66 million individuals) don’t have access to mainstream financial services that many take for granted, like a basic checking account. In the six months that followed the implementation of a new digital strategy by Sowen, our partner saw significant increases in both social impact and business metrics.
UNDERBANKED INDIVIDUAL SERVED
174% increase
PROGRAMMATIC NET REVENUE
24% increase
PROGRAMMATIC AND OPERATIONAL COSTS
31% decrease
EMPLOYEE SATISFACTION WITH TOOLS AND STRATEGIES
47% increase
CONVERSION RATE AROSS DIGITAL CHANNELS
12% increase
According to the Federal Reserve, 22% of American Adults (66 million individuals) don’t have access to mainstream financial services that many take for granted, like a basic checking account. Underbanking affects underserved communities disproportionately and is correlated to high rates of poverty, crime, lower education, and poor health outcomes.
A market-leading US-based personal finance company was determined to provide better, more equitable, more relevant financial solutions to underbanked communities. The existing initiatives lacked a cohesive strategy to leverage the organization's digital assets and activities optimally. Leadership needed to demonstrate real business success to generate further investment.
Working with a cross-functional project team, Sowen designed and implemented a 3-year B2C digital strategy that leveraged the organization’s website and identified new digital portals. We created a bespoke mobile application that delivered targeted content via a Marketing Automation System and their existing Content Management System (CMS). The strategy included omnichannel marketing distribution across paid advertising, email, geospatial, social media, and video content.
Sowen went beyond implementation and ensured that impact was tangible, measurable, and ongoing. We implemented a new lead management tool that measured both attribution and optimization. We then recommended an array of a/b and multivariate testing tools to ensure ongoing performance improvement.