The client is a leading financial services company based out of Sweden who is known for serving more than 12 billion customers across the globe.
Over the last few years, the importance of churn analysis has grown significantly in the banking and finance sector. This can be attributed to the rise in the number of customers who switch over to other financial service providers. Also, with the help of churn analysis models, the probability of winning back lost customers looks promising. Moreover, financial service providers are well aware of their existing customers, their creditworthiness, how they use their services, and their preferences. This makes it easier for them to retain existing customers rather than acquiring new ones. Consequently, leading companies are now leveraging churn analysis to understand, analyze, and capitalize on customer behaviors and interests.
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The client, a leading financial services company, had made significant investments in gathering and storing customer data but they had negligible investments into using the data for practical business applications. As a result, the client faced challenges in analyzing the complexity of datasets and consequently, they witnessed a rapid increase in customer churn. By leveraging churn analysis the client wanted to improve the effectiveness of their marketing campaigns and develop new programs for customer retention. This is why they approached Quantzig to leverage its expertise in offering customer churn analysis solutions to devise an extensive data-driven analytics framework and reduce churn.
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Solutions Offered and Value Delivered
The customer analytics experts at Quantzig adopted a comprehensive approach to helping the client understand and tackle their core business challenges. In the first phase of churn analysis engagement, the experts focused on developing predictive customer churn models with the help of the client’s existing churn reports and customer datasets. Phase two of the churn analysis engagement revolved around improving churn metrics and accuracy of analysis to deliver valuable insights to the sales and operations team. In the third phase of churn analysis engagement, the experts focused on leveraging advanced customer analytics solutions and developed a customized dashboard to deliver in-depth insights into customer behavior. Also, they aimed at developing new programs and rolling-out initiatives to reduce churn rates and improve retention.
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The solution offered helped the client to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Also, the client was able to compare scenarios, anticipate risks, identify new opportunities for churn reduction, forecast resources, balance risks against expected returns and work to meet regulatory requirements.
Quantzig’s churn analysis solutions also helped the client to:
- Improve accuracy in churn forecasts by 2X
- Increase customer retention by 12%
- Witness an increase of $3.2 Million in quarterly income