Cross Channel Synergies Helps an Online Banking Firm to Improve Customer Retention Levels By 10%
The client: A US-based online banking services provider Area of engagement: Cross channel synergies The banking sector has undergone a tremendous transformation with the introduction of online banking in the mid-1990s. Ease of handling banking transactions and customer convenience all year round from anywhere and everywhere is the primary benefit offered by these services. Lately, technological […]READ MORE >>
The client: A US-based online banking services provider
Area of engagement: Cross channel synergies
The banking sector has undergone a tremendous transformation with the introduction of online banking in the mid-1990s. Ease of handling banking transactions and customer convenience all year round from anywhere and everywhere is the primary benefit offered by these services. Lately, technological developments have been rising at a shocking speed. Also, the internet is considered to be one of the best developments of the modern era. As a result, the banking sector is also making the best use of the internet. Online banking provides convenience and speed to the customers. Growth in smartphone usage, increase in internet penetration among consumers, and increasing technology and growth of developing economies in Asia-Pacific region are some of the key factors fueling the online banking industry’s growth prospects.
The Business Challenge
The client, a US-based online banking services provider, was facing predicaments in understanding the customers’ preferences. Consequently, they wanted to better understand their competitors and their product strategies. The client also wanted to leverage the use cross channel synergies to determine their overall performance and its impact on the company’s total profit margins. Furthermore, the client wanted to seek ways to identify new opportunities and develop business models to cement their position in the online banking space.
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The Solution Benefits and the Business Impact
The cross channel synergies solution offered by Quantzig helped the online banking services provider to promote and enhance their multi-channel presence. Additionally, the client was able to strengthen their social media presence and better interact with their customers. This helped them identify new ways to offer customized products based on customers’ preferences and further improve customer retention and satisfaction levels.
Cross Channel Synergies Predictive Insights
With the help of Quantzig’s cross channel synergies solutions, companies in the online banking space can better manage campaign performance and facilitate communication channels between the businesses and the customers. Companies can also optimize their in-site performance and identify the potential opportunities. Furthermore, the online banking firms can enhance customer satisfaction and improve customer retention levels by 10%.
Although online banking offers access to both banks and the consumers and simplifies trading and banking experience; there are a few major issues and challenges. Some of them include:
- Traditional banking habits: Most people today are apprehensive about the current digital change and are well versed in conventional Such aversions to change is usually due to lack of trust in the online system or the inability to operate online portals. As a result, banking firms are struggling to convince people to adopt online banking.
- Technical issues: Today, banks are heavily reliant on online platforms to perform operational tasks, including cash transfers, information storing, and transaction recording. A single bug in their code or a system crash can cause major losses or even force the bank to shut down its operations temporarily.