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Banco de Bogotá

Oracle Customer Success

Banco de Bogotá doubles customer outreach with Oracle Marketing

Summary

The pioneering bank of Colombia implements Oracle Marketing and increases the number of first-time deposits by 7% in the first month.

Business challenges

The Colombia bank has a 150-year history. The financial institution has always been known for innovation and easily adapting to change.

Four years ago, Banco de Bogotá began a digital transformation and became the first bank in Colombia to introduce a 100% digital, paperless savings account that can be opened in just five minutes.

As a result of this digital transformation, Banco de Bogotá has been working for the last few years to meet its customers' expectations. The bank needed to strengthen the organization's analytics capabilities to better understand what customers need and when.

We made it possible for 70% of the bank's new clients to have an automated digital onboarding process through Oracle Marketing. This automatic process has brought us real benefits.

Alejandro Esguerra Escobar

Head of Digital Strategy and Data, Banco de Bogotá

Why Banco de Bogotá Chose Oracle

The bank considered a number of tools to manage and understand large volumes of data. Ultimately, it selected Oracle Marketing solutions and implemented four main tools: Oracle Responsys Campaign Management, BlueKai Data Management Platform, Maxymiser Testing and Optimization, and Infinity Behavioral Intelligence.

The bank chose Oracle because it met all requirements for automation, segmentation, and personalization of interactions with customers.

Other important reasons for its decision included the potential for Oracle's tools to interact with third-party channels, like Facebook and Google, and to establish alliances with other organizations based on anonymous data (second- and third-party).

Results

With the implementation of the four Oracle Marketing solutions, Banco de Bogotá has automated the performance of data-driven commercial campaigns, tailoring communications to interact with customers on the right channels and at the right time.

Banco de Bogotá has simplified campaign operations, enabling twice as many monthly campaigns without needing to grow the team. The bank has also implemented lead rescue campaigns that increased effectiveness by almost 300% in just the first three months. Further, 70% of new customers that come to the bank have already been onboarded through an automated process in Oracle Marketing that has led to a 7% increase in customers making a deposit in their new savings account within the first month.

If a company does not invest in technology, does not invest in development, does not invest in understanding its customers, it will surely be left behind and other players that are doing so will have better opportunities.

Alejandro Esguerra Escobar

Head of Digital Strategy and Data, Banco de Bogotá

Published: November 5, 2021