Leveraging Customer Retention and Loyalty Management for a Leading Retail Banking Firm

Apr 21, 2018

The client: A leading retail banking firm

Area of engagement: Customer retention and loyalty management

Retail banking is a typical mass-market banking segment that allows its customers to use local branches of the more extensive commercial banking establishments. Retail banking is also commonly known as consumer banking. Its services include mortgages, savings and checking accounts, debit/credit cards, certificates of deposit (CDs), and personal loans. The retail banking sector mainly focuses on catering to the needs of its retail clients.

Additionally, along with the provision of basic retail bank accounts, retail banking firms in the financial services industry are focusing on broadening their investment services and product offerings. This includes services such as retirement planning, brokerage accounts, and wealth management. However, a few of the auxiliary services also involves outsourced third-party affiliations.

The Business Challenge

The client, a well-known retail banking services provider, approached our team of experts to help them improve their customer retention strategies. Due to massive competition from peers, the retail banking firm was facing difficulties in developing a successful customer loyalty program.

Additionally, the retail banking services provider wanted to create personalized customer retention and loyalty management programs. The client also wanted to improve profitability by revisiting customer profiles and developing strategies to maximize customer retention.

Want to know more about our approach to customer retention and loyalty management and how we helped a retail banking services provider to identify and adjust to the latest financial services industry trends? Contact us today.

The Solution and the Business Impact

Implementing the customer retention and loyalty management strategies, as advised by the experts at Quantzig, helped the retail banking client to build a successful customer loyalty program. It also helped them take into account the various likes and dislikes of its customers. The solution offered also enabled them to provide personalized services to meet the unique needs of the customers. The customer retention solution also helped them gain a better understanding of existing customers to generate higher value.

Customer Retention and Loyalty Management Solution Predictive Insights

Understanding customers is the key to offering personalized services to retain the most profitable customers. Also, today’s uncertain economic condition coupled with the lasting effects of the credit crisis have left retail banking and other firms in the financial services industry scrambling to develop effective customer retention strategies.

The challenges facing the financial services industry seem to be insurmountable, but customers prefer banks that add value to the lives with loyalty. The solution offered by our experts helped the client in developing personalized customer retention strategies. It also enabled them to drive profitability in the long run.

Here are a few trends that are bringing about disruptions in the retail banking industry

  • Increased use of advanced data analytics- Several best-in-class retail banking firms have already implemented advanced analytics and AI to automate processes, cut down costs, offer personalized services, and to enhance the overall customer experience. Since the potential of advanced analytics grows exponentially over time, it enables organizations to refine data sources as opposed to merely adding more and more data.
  • Multichannel delivery- With the growth in technology and digitization, leading players in the financial services industry have been compelled to offer their customer contact personnel with the required digital tools to cater to the need of their customers. Also, the growth in digital interactions means that branch and contact-center interactions are more important than ever in building human relationships with customers.
  • Open API banking- APIs will evolve to the more extensive options in response to the consumer desire for more significant digital solutions not currently provided by leading retail banking organizations. Also, the collaboration of traditional banking firms and FinTechs will enable both banking firms to offer more to their customers than previously possible.

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