BankVic

How BankVic expanded its portfolio by tapping into the First Home Buyer market

6 months to achieve annual volume target

2x increase in existing FHB portfolio in six months

Increased customer share of wallet and lifetime value

overview

BankVic, an Australian bank that has serviced the needs of members in the Police, Health, Emergency and Public Services for over 40 years, leverages its online community to keep a finger on the pulse of customer attitudes, emotions and intent as the bank strives to deliver customer-first solutions in a competitive market.

Fast Facts

Industry:

Financial Services

Role:

Customer Experience

Product Managers

Executives

Use case:

Customer experience

Product innovation

Business Outcome:

Improve customer satisfaction

Accelerate innovation

Drive revenue growth

De-risk decisions

Business Challenge

BankVic recognised the need to identify white space within the market and develop customer-first solutions in order to expand its reach. First Home Buyers (FHBs), a large and ever-growing subset of home loan applicants that find it increasingly challenging to enter the market, was missing from BankVic’s loan portfolio. Looking to go-to-market with a competitive product, BankVic needed to ensure it stood out from the competition with a best-in-market product.

Solution

With their community TalkBank at hand, BankVic engaged customers to uncover pain points, attitudes and preferences for those looking to enter the market and buy a home for the first time. Within 10 weeks of project initiation, BankVic launched the First Home Buyer Package to market. Six months after launch, annual volume targets were exceeded and the FHB portfolio grew by almost 3 times its original size. Closing the gap in its portfolio allowed BankVic to expand their member base, increase share of wallet among current and new members as well as increase the lifetime value of FHB customers.

Due to the outstanding success of the First Home Buyer Package, BankVic won the 2018 Mozo Experts Choice Award for Best Value First Home Buyer Loan in market.

6 months to achieve annual volume target

2x increase in existing FHB portfolio in six months

Increased customer share of wallet and lifetime value

Prior to the launch of this product, it would have taken us years to achieve the volumes we are now seeing today. But because we listened to our members and built a product that responded to their needs, the First Home Buyer Package rapidly accelerated the lending growth coming from this sector and enabled us to capture a greater share from where the market was growing.

-Heather McGovern, Chief Product and Marketing Officer, BankVic

We responded to a highly engaged and savvy customer group through TalkBank that validated and defined aspects of the product design and pricing structure of the new product.

-John Tripodi, Head of Products, BankVic

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