With the decreasing capabilities of traditional banking systems and the rising need to accommodate technologies in the emerging channels, the banking sector is facing relentless pressures to go on par with the customers’ preferences. To deliver the best possible services to the consumers, the banking sector is shifting toward a customer-centric environment to ensure customer satisfaction and loyalty. Also, with constant innovations and increasing competition in the banking sector, renowned companies are facing the need for optimizing their channel management strategies to manage their channels effectively. With the aid of channel optimization, leading companies in the banking sector can exploit the use of channels like mobile and social media to reach out to customers in an agile and seamless manner. Leveraging channel optimization also helps companies in the banking sector gain relevant information in terms of channel usage, customer usage of the particular channel, and customer behavior.
To analyze data and derive meaningful insights, renowned organizations in the banking sector are approaching companies like Quantzig. With years of expertise in offering a plethora of services, Quantzig’s channel optimization solution helps companies in the banking sector analyze channel usage patterns and identify the least used channels to direct customers to the right channel. Moreover, Quantzig’s channel optimization solution can also help finance sector companies maximize profits and improve their overall customer satisfaction.
The Business Challenge
A renowned company in the banking sector with a considerable number of services offerings was facing certain predicaments predicting the customer’s channel transition and gathering information on the customers’ behavior. The client wanted to retain potential customers with the help of a robust channel optimization strategy. Furthermore, the banking sector firm wanted to segment customers based on channel usage information. The primary objective of the engagement was to leverage channels like social media and mobile to deliver an advanced, effective, and seamless banking experience.
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Benefits of Channel Optimization
The channel optimization solution offered by Quantzig helped the client identify the key factors that affect profit/loss, operational costs, and customer satisfaction in the banking sector. Moreover, the engagement helped the banking sector client accurately predict the transition between channels and analyze information pertaining to the customers. With the aid of this engagement, the client was able to segment their customers based on the channel usage information.
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Channel Optimization Predictive Insights:
- Wisely utilized social media channels and garnered information on consumer behavior
- Witnessed a 15% increase in the customer acquisition
- Effectively retained potential customers and improved customer satisfaction
- Gained a thorough understanding of the customer lifetime value
- Profiled and segmented customers based on their channel usage information