In the ever-changing world of banking, digital transformation is now a must. First Commonwealth Bank, an $11 billion institution in Indiana and Western Pennsylvania, has embraced this challenge successfully. Larissa Murphy, the bank's VP of Advertising and Content Manager, shared insights in a webinar.
First Commonwealth Bank had the infrastructure for online services but struggled to fully utilize digital banking opportunities. Larissa mentioned challenges in synergy between product and marketing teams, stating,
"We faced obstacles in synergy between the product team and the marketing team, struggling to find a way to truly expand the channel."
This led to a consultant engagement for a new direction.
Recognizing the importance of a seamless user experience, the bank aimed to surpass customer expectations benchmarked against Amazon's shopping experience.
First Commonwealth Bank utilized technologies, including Meli, CRM systems, and a strategic partnership with Alpharank, providing valuable transparency and data insights. Larissa attested to Alpharank's instrumental role, stating,
"It has been a game-changer to establish that one-to-one relationship between ad spend and the bank's value."
Alpharank's involvement allowed the bank to optimize ad spend and messaging strategy, leading to improved results. Larissa emphasized the pivotal role of Alpharank in holding agencies accountable, stating,
"The data we obtain from the Alpharank portal helps me maintain agencies' accountability, serving as an invaluable tool in managing the bank's resources."
One notable achievement was attracting over 5,000 deposit accounts in the past year, equivalent to what 20 traditional branches might achieve.
First Commonwealth Bank's journey showcases the power of collaboration, data-driven decision-making, and technology partnerships in digital transformation. They've exceeded customer expectations and stand as a successful example in the banking industry. In the words of Larissa,
"It's better to know and then be able to take corrective action than just keep flying blindly."
Listen to the full Webinar at the top of the screen.