Google Cloud Platform > Case Studies > Banco de Crédito del Perú Boosts Digital Sales with One-Click Cross-Sell

Banco de Crédito del Perú Boosts Digital Sales with One-Click Cross-Sell

Technology Category

Cybersecurity & Privacy - Identity & Authentication Management

Applicable Industries

Equipment & Machinery
Finance & Insurance

Applicable Functions

Procurement
Sales & Marketing

Use Cases

Tamper Detection
Usage-Based Insurance

Services

Cloud Planning, Design & Implementation Services
Testing & Certification

About The Customer

Banco de Crédito del Perú (BCP) is a leading provider of integrated financial services in Peru, with a history spanning over 127 years. The bank serves over 13 million customers through a network with more than 8,340 points of contact. BCP offers a range of services, including asset management, exchange transactions, treasury, custody and investment consulting services, and financial research activities. In 2019, BCP embarked on a transformation journey to provide a quality product to its customers that would also allow the company to scale and become more competitive in Peru’s financial market.

The Challenge

Banco de Crédito del Perú (BCP), a leading financial institution in Peru, embarked on a transformation journey to enhance its digital sales and improve customer experience. The bank's digital marketing department sought to increase cross-sell rates and the average number of products per customer. However, they faced challenges in implementing new strategies on the bank's website front end, such as A/B testing with propensity models and maintaining secure lead databases. BCP also recognized the need to simplify the purchasing process for customers, as many people have a negative perception of banks and only purchase their products when necessary. The bank aimed to overcome these challenges in a market that is striving to increase banking penetration to 60% of the country's population in the next few years, amidst a digital transformation accelerated by the COVID-19 pandemic.

The Solution

BCP, in collaboration with Neo Consulting, initiated the One-click cross-sell project, designed to simplify the purchasing process for customers. The project was divided into three phases: identifying the opportunity, developing the architecture using BigQuery, and launching the solution. With direct integration with tools from Cloud Functions, Pub/Sub, BigQuery, and Cloud Scheduler, BCP was able to test and implement this functional solution within days. The solution allows BCP to identify its clients using cookies and link them to propensity models uploaded in the cloud. Customers who already have the cookies no longer have to fill out purchase intent forms, and instead, they express their intention to buy a product with a single click. The bank's channels then validate the identity of leads, process them, and offer the product they requested. The information is encrypted to protect customers' assets.

Operational Impact

The implementation of the One-click cross-sell solution has not only boosted BCP's digital sales but also improved its operational efficiency and customer experience. The solution has enabled BCP to identify new entry points for cross-selling opportunities, thereby reducing sales funnels and friction in insurance purchasing processes. This has led to shorter, more effective processes and improved identification of customer intent. The solution also allows BCP to identify trends and better understand which products to offer its customers. In terms of security, the solution operates outside the bank's critical transaction systems, in a layer that does not use crucial customer data, ensuring customer data protection. The success of the One-click cross-sell with card insurance sales has prompted BCP to consider replicating the solution in its other digital products and assess similar use cases.

Quantitative Benefit