US Banking Services Provider Witnessed a 5x Increase in Customer Satisfaction – Quantzig’s Customer Analytics Engagement
5 Ways Customer Analytics Can Help the Banking Services Sector Today, customer preferences and needs are constantly propelled by the changes in technology and the economic environment. Banking firms that have developed their organization with a product-oriented focus have now shifted to a more customer-centric focus to sustain a competitive advantage. One way to be […]READ MORE >>
5 Ways Customer Analytics Can Help the Banking Services Sector
Today, customer preferences and needs are constantly propelled by the changes in technology and the economic environment. Banking firms that have developed their organization with a product-oriented focus have now shifted to a more customer-centric focus to sustain a competitive advantage. One way to be successful in this transition is to effectively cultivate the seemingly mythical 360-degree view of the customers, i.e., the one that accounts for their current value as well as their potential lifetime value of customers.
The truth lies in the fact that the providers of banking services often have detailed information on their customers when compared to other industrial segments. While regulatory requirements can constrain the widespread sharing of detailed customer information, there is still much that can be done with the help of analytics to pull customer information up and out of organizational silos & create a more centralized, enterprise-level view of customers.
Customer analytics steps in to help players in the banking services sector in the following ways:
- Customer acquisition & retention
- Customer relationship development
- Marketing optimization
- Better liquidity planning
The client is a renowned US banking services provider with a considerable number of services on their portfolio of offerings.
Project Background and Solution Offered
The banking services market has transformed tremendously over the past few years as banking services are no more based on a ‘Brick and Mortar’ structure. The proliferation of technology, the evolution of internet banking services, and a rise in the global customer base has entirely changed the banking services landscape.
Banking is a customer-oriented service industry and customer satisfaction has become a crucial aspect of banking. The ongoing transition from traditional to modern banking has redefined the concepts and determinants of customer satisfaction surveys. In an aim to retain their existing customer base by offering quality services, the client- a banking service provider approached Quantzig to leverage its expertise in customer analytics and gauge customer satisfaction at its 150+ BU’s.
The client had ventured into the internet banking services segment and was on the lookout for an effective method to gauge customer satisfaction metrics, as a large number of their customers were not willing to use the internet banking services on offer. We conducted a questionnaire-based customer satisfaction survey, that involved the participation of 200+ customers from the client’s side. The data obtained as feedback and responses pertaining to several factors were analyzed to determine factors that influenced their customer’s decision to opt for internet banking services.
Value Delivered to the Client
Quantzig’s customer analytics experts worked parallelly with the banking services firm to gain detailed insights into customer preferences. With the help of our advanced analytic capabilities and industry-scale solutions, the banking services provider was able to exploit customer data for authentic business insights that improved their decision making. The solutions not only delivered a 5x increase in customer satisfaction but paved way for the development of the right approaches and marketing methods to enhance ROI.
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