Customer Segmentation Analytics Helped a Payment Card Industry Client Achieve a 2X Increase in CSAT
Engagement Summary Quantzig collaborated with a European payment card industry client to help them address the issues around improving their brand value and enhancing customer relationships. In this success story, our customer segmentation analytics experts share how the outbreak of COVID-19 is impacting the banking and financial services segment, especially the payment card industry. It […]
Quantzig collaborated with a European payment card industry client to help them address the issues around improving their brand value and enhancing customer relationships. In this success story, our customer segmentation analytics experts share how the outbreak of COVID-19 is impacting the banking and financial services segment, especially the payment card industry. It also talks about how the impact of coronavirus on the payment card industry can be mitigated using innovative customer segmentation analytics solutions.
About the Client
The client is a well-known payment card industry player with a huge customer base across the globe. The client is recognized as one of the most trusted contactless payment service providers in the world. The company is also known for its international service standards and customer support services.
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The outbreak of coronavirus is more than just a health hazard, mainly because it has impacted every industry across the globe. The payment card industry is one of the worst-hit segments within the BFSI sector because of various moratorium policies that are in favor of customers. It is expected that such moratorium policies might result in a greater number of defaulters and hence causing a huge loss for the payment card industry.
For renowned payment card industry players with a considerable number of services spread globally, profiling customers into specific groups to design marketing plans can be cumbersome. Facing a similar challenge, the client wanted to gain a deeper understanding of their customer’s preferences and needs to serve them better. By collaborating with Quantzig the client wanted to identify the key differentiators by compartmentalizing their customer base into specific groups. They also wanted to group their existing customers into different categories based on geography, psychography, and behavior. By making clear customer segments they wanted to further reallocate their marketing resources and efforts to maximize the up-selling of their services and enhance the bond they already share with their customer base.
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The Challenges Faced by the Payment Card Services Provider Included
- Inability to map market opportunities
- Lack of customized marketing strategies
- Inability to determine product pricing as per market standards
- Lack of skill and expertise required to devise better customer retention strategies
- Need to enhance customer relationships
- Categorize customers and identify customer requirements
- Devise robust marketing strategies for specific customer segments
- Analyze customer segment potential
By collaborating with Quantzig, the payment card industry player embarked on a customer segmentation journey that revolved around enhancing the existing customer relationship while delivering better quality products and services. To help the client address their challenges the customer segmentation analytics experts at Quantzig adopted a comprehensive approach that led to a complete transformation of their business operations and improved business efficiency.
By leveraging the customer analytics solutions offered by Quantzig, the client was able to identify the customer segment with the highest potential and allocated the resources to target segments accordingly. Moreover, the client also found ways to improvise services at comparatively lower costs, which helped them to meet customer expectations at a larger scale. The payment card sector has always dealt with data security, Quantzig also helped in enhancing their payment card industry data security standard. The customer segmentation analytics solutions from Quantzig enabled the client to measure customer segments based on their preferences and requirements which helped gain a front-liner advantage. In addition, the solutions offered also helped them to determine the profit potential of every segment and analyze the probable revenue and its cost impact.
Our customer segmentation analytics solutions enabled this client to comply with the payment card industry data security standard and redeploy assets to manage the same. The benefits also included:
- Identified niche customer segments
- Achieved a 2X increase in customer satisfaction rate
- Determined most and least profitable customer segments
- Improved payment card industry data security standards
Analytical insights powered by data can help you achieve highly profitable results. Contact our customer segmentation analytics experts without any further delay.
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