Customer Analytics Engagement: How a Leading Financial Services Provider Tailored Customer Experience
What the Client Wanted
The financial services provider wanted to reinvent their business functions, drive revenues, and mitigate risks.
Ensured consistency in the messages communicated to customers, offered precise retention strategies, and appropriate proactive offers for best outcomes.
Summary of the Financial Services Sector
Today, the rise of digital technology has dramatically transformed the landscape in the financial services sector. Financial institutions are offering financial planning and trading applications through social media and smartphones. Cloud technologies are widely accepted, and in several cases, the use of robotics is already increasing quality and reducing cost. Furthermore, to meet the demands of the customers and offer feature-laden, competitive, elegant digital products and services, with a much faster speed-to-market, while lowering costs and continuing to back legacy systems, an organization’s IT function must be efficient, flexible, and responsive.
- Developing customer engagement: Today, social media is one of the biggest components of customer engagement and there are greater issues on the horizon – effectiveness, digestibility, and cost. Moreover, data mining is now so huge and its outputs so great that we should perhaps be referring to ‘big insights’. However, for most of the financial institutions, the problem is how to work out which insights to leverage within whatever time and budget constraints prevail.
- The influx of challengers: Up until now, challengers and FinTech’s have been portrayed themselves as “not a traditional bank”. This has helped them overcome all sorts of issues from low take-up to sub-optimal IT to almost-but-not-quite products. However, it is not the case today. The challengers are drawing to a close to take the market share away from traditional banks.
About the Client
A leading financial services provider in Europe with more than 30 billion Euros in revenues and over 1000 branch offices spread across the globe.
To capture the potential customer base, the client – approached Quantzig to carry out a robust customer analytics engagement to deliver accurate solutions to their customers proficiently at every touch point. Owing to the growing competition in the market, the challenge of meeting demands from customers spanning the length and breadth of their operations, and a strong regulatory environment, the financial services provider wanted to gain in-depth insights from its customer data.
Want to learn more about our analytical solutions for the BFSI Sector?
With the help of Quantzig’s customer analytics solution, the financial services provider evaluated the profitability of each customer based on parameters including lifetime value, potential, loyalty, churn risk, and channel preferences. This enabled the client to provide a tailored customer experience, irrespective of points of contact.
Customer Analytics Solution Insights
Quantzig’s customer analytics solution helps firms in the BFSI sector to segment customers into major sub-segments and tailor sales and service-specific propositions. Companies can also develop a churn probability simulator to evaluate the likelihood of a customer terminating their relationship with the financial institution based on product portfolio, transaction history, and length of the relationship.