Churn Analytics Helps a Global Financial Services Firm to Identify their Key Performance Indicators
At present, reducing customer churn has become the top priority of the banks as it is estimated that around 50% of the customers globally have either changed their banks or showed the warning signs of churn. To stay relevant in today’s competitive market, acquiring new customer becomes easier than retaining the existing profitable customers. With the rapidly […]READ MORE >>
At present, reducing customer churn has become the top priority of the banks as it is estimated that around 50% of the customers globally have either changed their banks or showed the warning signs of churn. To stay relevant in today’s competitive market, acquiring new customer becomes easier than retaining the existing profitable customers. With the rapidly changing customer preferences, leading financial services firms should adequately look for remedial measures to retain the most loyal customers. Additionally, to detect early warning signs of the customer churn and engage them with retention offers, leading financial services firms are relying on churn analytics. With the help of a churn analytics, firms in the financial services space can efficiently predict potential churners and determine marketing efforts to lower exit rates.
To accurately predict and prevent churn and build customer loyalty, leading financial services are approaching companies like Quantzig. With years of expertise in offering a plethora of services, Quantzig’s churn analytics helps companies assess the most valuable customers and identify the customers that are vulnerable to churn. Moreover, the engagement also helps banking sector companies drive cross-sell and up-sell opportunities and build customer loyalty.
The Business Challenge
A renowned financial services firm with a considerable number of service offerings spread across the globe was facing challenges profiling the customers that are vulnerable to churn and devising retention offers to the customers. The client wanted to tap into the customer behavior and gain early warning signs of churn. Moreover, with the help of churn analytics solution, the financial services client wanted to seek ways to effectively predict churn and make more targeted and personalized offers to see a sizeable reduction in churn.
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Benefits of Churn Analytics
The churn analytics solution offered by Quantzig helped the client anticipate and manage risks associated with customer churn and identify the key areas to increase the business value. The engagement also helped the financial services firm optimize sales and marketing campaigns and improve conversion rates. Furthermore, the client was able to anticipate the client’s service consumption that may trigger cross-sell and up-sell opportunities.
Churn Analytics Predictive Insights:
- Reduced churn rates by 10% and amplified the service offerings of the financial services firm
- Understood the customers needs’, preferences, and offered personalized services
- Gained a holistic 360-degree view of the customers’ interactions across multiple channels
- Efficiently detected early warning signs and devised a churn prevention model
- Determined the marketing efforts at each customer level