Consorsbank's Investment in Community Delivers Great Returns
As one of the leading direct banks in Europe, Consorsbank has made it their goal to make banking for their customers timely. Digitization has changed their daily lives - and they have applied it to banking with their diverse product offering, their useful tools and their platform for customer feedback and ideas. Consorsbank is 100% of the German BNP Paribas group and thus a total of 13 companies of BNP Paribas.
Create an entirely new finance community that addresses these important objectives: closely involve customers in the decision-making processes, generate authentic and open customer conversations, maintain an active community through discussions and provide relevant content around financial services’ products.
Build a vibrant, new, Lithium-powered community that enables: knowledge transfer, stellar customer support, crowdsourcing, input for product development, product reviews, ratings and feedback, and improvements in product and service quality.
“With the help of Lithium’s community platform, we are on our way to becoming Germany’s most customer-oriented bank. The fact that we won the renowned Forrester Groundswell Award in 2015 for excellence in social marketing proves that our strategy is paying off.”— Consorsbank
Why did you seek a new community solution?
An important part of our slogan, which translates to “banking the way we live”, is to understand the new self-perception of today’s consumers. They have extremely high expectations and want to communicate openly and directly with companies. They also want to play an active role in exchanging information with other customers. Our new Total Community is based exactly on those desires. It is a place where investors share their knowledge and support and consult each other in all investment related matters. With our community, we want to reach out to private investors—ranging from first-time investors to those with decades of experience. And there is another very important reason we sought a new community solution: co-creation. Our community not only enables customers to rate, review and give detailed feedback, but also to be part of our product development process.
How has Lithium’s platform helped Consorsbank to succeed?
We had a comprehensive vision, and Lithium enabled us to implement it. Since they offer a software-as-a-service solution, features are automatically implemented. Lithium quickly picks up our feedback, as well as that of our customers. Moreover, Lithium is not only a software solution but also a service provider that provides continual consultation. With our Lithium-powered community, we clearly stand out compared to our competitors. Today, we are among Europe’s first banks to be absolutely transparent with customers. This helps us to turn feedback and ideas into improved offerings—essential steps on the way to a customer-oriented company.
What has been the impact of your community on your customers?
The relationship between Consorsbank and its customers is stronger than ever. An open dialogue built on trust has turned many customers into brand ambassadors. In the first year, our conversion rate rose by 30 percent, equating to 1,500 new customers per week. Within the first year, 2,000 Facebook posts that linked to the Consorsbank Community posts were read by 12,000 active Facebook fans, resulting in an overall reach of 396,000 Facebook fans. Our average customer satisfaction rating is 4.2 out of 5 stars, demonstrating the power of our community.
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