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Groundswell: Consorsbank’s Investment in Community Delivers Great Returns

Lithium Alumni (Retired) Lithium Alumni (Retired)
Lithium Alumni (Retired)

Summary

Consorsbank by BNP Paribas is a leading German private investment bank that prides itself on “liberating clients from the restrictions of classic German banks.” The bank’s brand is built on the concept that financial investors hold the power to make the best decisions for their investments, and its goal is to provide product offerings that help achieve this objective. Through their Lithium-powered Community, they have increased loyalty and trust among customers by providing a digital destination that enables financial knowledge sharing and tools for self-directed financial independence.

 

Challenges

Consorsbank is an online bank with no branches, therefore there are limited number of opportunities for the bank to connect with its customers. The bank wanted to create a social environment where they could better understand the needs of their customers, help them solve problems and build trusted relationships. Market factors also dictated the need for Consorsbank to differentiate itself from the increasingly competitive landscape and deliver on customers’ extreme expectations.

 

The bank was inspired by its challenges to move beyond the outdated “knowledge base” on its website and create a Total Community experience for private investors. The company envisioned a social community for the full gamut of investors, beginners to those with decades of experience. Consorsbank planned for a community where private investors could feel comfortable sharing knowledge, offering peer-to-peer support, and providing investment advice. Always on the forefront of innovation, Consorsbank also wanted to allow their customers greater influence and involvement in the company’s offerings by giving them the ability to rate the bank’s products and services.

 

Solution

In order to create a customer community that would meet these diverse needs, Consorsbank turned to Lithium to provide the Total Community software platform. Now Consorsbank’s Lithium-powered community boasts more than 14,000 community members with more than 8,500 posts. It gives customers a voice and builds trust between the bank and investors.

 

The main feature of the community is Consorsbank Websection Knowledge base, monitored by the bank’s community manager. It gives customers a voice and builds and gathers trusted user-generated content. The platform offers real and up-to-date help for customers, and provides a place for them to discuss financial markets and have their questions answered. Many long-term customers have significant knowledge and experience in a wide array of banking topics, and the community allows other members to tap into their insight. Additionally, a blog written by the bank’s subject matter experts allows Consorsbank to provide professional education to their community members.

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Ideas

Consorsbank Community Ideas is an aspect of the community that asks members to help create “ the bank of the future” - it’s a place for investors to share their wishes and proposals for the bank of tomorrow. The bank provides the community with bi-weekly themes to help drive the conversation. In addition, members evaluate products, compare prices and services, and suggest features to help make banking products transparent. This activation has produced 150 innovation ideas within 2 months.

 

Ratings and Reviews

What really sets Consorsbank apart from other financial institutions is its Ratings & Reviews. Customers can rate and review the bank’s products and services and give feedback. Consorsbank is one of the first banks in Europe to drive this level of feedback and transparency with its customers.

 

“This is a bold move for us since it puts great power in the hands of our customers,” says Clemens Eckstein, Social Solutions Architect and Project Head at Consorsbank. “By allowing this open and public feedback from existing customers on our own platform, we provide absolute transparency into our strengths and weaknesses.”

 

The program has validated the importance of transparency and increased the bank’s conversion rate by 30% which was an increase of 1,500 customers per week.

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Customer Voice 2.0

Consorsbank set the bar high with its Customer Voice 2.0 roadmap. Their goal was to transform themselves into a customer-centric company. By using Lithium’s Community Platform, they were able to leverage the ideas, knowledge and feedback from all of their customers. In doing so, Consorsbank is allowing customers to be active participants in developing an even more effective foundation for their money decisions, while also further enhancing the bank's connections with its customers. The trusted relationships they are building with their customers encourage open dialogue, brand advocacy, and loyalty. Customer Voice 2.0 is also extremely valuable to internal stakeholders by giving them valuable and immediate feedback regarding their products and services. Thus, it helps them to define a roadmap together with their customers.

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 Business Impact

The average rating for current account holders is 4.2 out of 5 stars. In the first year the Consorsbank Community saw outstanding business results:

  • Increase of conversion rate by 30% netted 1,500 customers each week
  • Unique Visitors increased by over 300%
  • 14,000 community members
  • 150 Community Innovation Ideas within two months
  • 260 Ratings & Reviews by customers and more than 80 Comments
  • 40% increase in click-through rate on banners showing Ratings & Reviews

Because of the success of the social platform, the marketing campaign introducing the new “Consorsbank” brand featured community as one of the main selling points. The campaign also included a commercial.

In addition to the success of the community, Consorsbank also had extensive success across other social channels:

  • 400 new Facebook fans within first month
  • 2,000 leads from Facebook posts to community articles
  • Post reached 12,000 Fans
  • Interactions within posts 1,082
  • Total reach 396,000 Fans

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2 Comments
Honored Contributor
Honored Contributor

Gratulation @CCornerstone und Team! 

 

I'm curious to learn more about how you use the feedback via Ratings and Review both internally and within the community. Is it more impactful to existing or new/prospecting customers?

 

What are the challenges to integrate community into the core online banking experience given the tight requirements to security and availability? 

Occasional Contributor CCornerstone
Occasional Contributor

Hi Claudius, 

 

thank you very much. Let's see if we got a chance to win this trophy 🙂 By the way congrats to your achievements within the Lithium community! Won't be able to beat you there!!

 

Regarding your question on the ratings & review feature:

 

We launched ratings & reviews in September and integrated it on most of our products (e.g. daily cash account, current account, trading account) as well as on our services (mobile apps, consultation etc.). So far we did not advertise this feature to our customers but still received plenty of reviews. So far, there is no measurable impact regarding activity of existing customers. We are now planning to incentivize the usage of the r&r module by connecting it to the badging system. The effect on prospective customers on the other hand is great. By integrating the star rating on banners we could increase CTR by 40% and on the product pages itself, the lead conversion increased by 30%. 

 

Regarding your second question, we are still at the very beginning. So far we only implemented community content on third-party websites (e.g. http://www.spiegel.de/wirtschaft/a-476374.html) and use the r&r module on our product pages (e.g. https://www.consorsbank.de/ev/Girokonto/-/Girokonto) . Here we are defer loading of the community content after the rest of the page has been loaded. So if the community has a downtime, it does not affect our website. 

 

The next steps are to integrate discussions about securities on our financial info pages and vice versa and do a basic integration of community profiles into our crm system. From a security stand-point we only had discussions around the shared ssl-certificate and the data hosting center in the netherlands. 

 

Once we start integrating community content within the logged-in banking & trading area security and availability concerns will get more challenging 🙂 

 

Hope to see you soon!

 

Best regards, Clemens