Fair Isaac Corporation

09/17/2024 | Press release | Distributed by Public on 09/17/2024 07:35

Bradesco Boosts Conversions with Hyper-Personalized Credit Solutions

At FICO World 24, Bradesco shared how its innovative approach to hyper-personalized credit solutions is achieving significant business results. By leveraging FICO's advanced decision engine, Bradesco is delivering tailored credit options that meet individual customer needs in real time-resulting in higher conversion rates, greater customer engagement, and enhanced satisfaction.

"Our ambition is to fully explore our tools to enhance our offering ecosystem, making it more intelligent and complete," said Fabianna Falcao, Senior Business Growth Manager at Bradesco. "We are always present and able to offer credit when our customers need it, making a difference in the lives of all Brazilians."

Delivering Business Value through Hyper-Personalized Credit Solutions

Bradesco's strategy focuses on data-driven insights to create hyper-personalized customer journeys. Falcao emphasized that the goal is "to define and implement marketing strategies that increase conversion rates."

This hyper-personalized credit strategy has led to over 30 million visits per month to Bradesco's loan menu, with more than half of users applying for a loan. The results? A conversion rate of over 30% and more than 80% of customer reviews rated as "very good" or "excellent."

Hyper-Personalization in Action: Three Success Stories

Marcelo Perego, Product Manager at Bradesco, shared three real-life examples that demonstrate the impact of personalized credit solutions:

1. Marie's Loan for a Birthday Party:
Marie needed a loan of 8,000 reais (about $1,500) to organize her daughter's birthday party. When she accessed her credit menu, she was asked, "How much do you need?" Marie entered the amount, and "in real time, our FICO Platform identifies solutions for her, taking into account her credit rating and needs," said Perego. This personalized credit offer resulted in an immediate, customized solution.

2. Juan's Refinancing Opportunity:
Juan, who had lost his job, faced challenges with two low-balance contracts, including one installment five days overdue. "Bradesco's decision engine identified this behavior and recommended refinancing for him," Perego explained. "Juan could extend the term with a lower installment, and the best solution was presented in his credit menu." This approach reduced risk for Bradesco and supported Juan's financial needs.

3. Rodrigo's Seamless Digital Experience:
Rodrigo preferred speaking directly with his account manager but couldn't visit the bank. His manager applied for a loan, making the contract available for review and acceptance via the Bradesco app. "Rodrigo saw the offer, checked the conditions, accepted the contract, and the amount was immediately released into his account," Perego noted, showing how Bradesco's omnichannel strategy delivers convenience and enhances customer satisfaction.

Driving Customer Engagement with Real-Time Credit Decisions

These examples highlight how Bradesco's use of real-time, data-driven personalization is enhancing customer engagement and driving business growth. Falcao stated, "Our tools allow us to listen to our customers and ensure we are always present, offering credit when they need it."

The results speak for themselves: Bradesco is improving customer experience while significantly boosting its bottom line. With a 30% conversion rate and 80% positive customer reviews, the bank is leading the way in customer engagement within the financial sector.

Looking Ahead: Sustaining Success with Personalized Credit Strategies

Bradesco is committed to advancing its personalized credit solutions. "This is just the beginning," Falcao remarked. "We aim to make our offering ecosystem even more intelligent and complete, continuing to listen to our customers and adapt to their needs."

By fully leveraging FICO's decision engine, Bradesco is demonstrating how financial institutions can use real-time personalization to improve customer engagement, increase conversion rates, and achieve significant business value.

How FICO Can Help You Create Hyper-Personalized Customer Engagement