Quantzig’s recent study on customer analytics for a leading bank in Europe assures a 17% decrease in customer churn and offers precise retention strategies.
Advanced Analytics for Customer Churn Reduction
Providing interactive services and improving consumer experience allows organizations in the banking sector to gain a larger market share. The delivery of the right solutions in a consistent and professional manner at every touchpoint will help banking organizations to reduce customer churn. The best CRM strategy is to evaluate opportunities, gain acumens, and understand customers’ requirements. The leading banking institutions are using consumer data analytics to improve their marketing responses, decrease customer churn, and increase customer satisfaction levels. The consumer analytics team at Quantzig provides insightful customer engagement and communication across distinct business units such as mortgages, mutual funds, asset management, deposit accounts and loans, insurance services, and card services. The analytics solutions ensure consistency in the messages communicated to customers, provides appropriate proactive offers for best result and offers precise retention strategies.
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Building a strong and proactive customer service representative (CSR) team will improve the service delivery model of the banking sector. Various consumer surveys state that around 86% of consumers rate banking services as excellent when CSR delivers the right answers to all their queries and issues. CSR is the backbone of the banking industry and delivering the right information is their prime responsibility. Additionally, CSR is the direct link for communication between the consumer and the bank, hence providing exceptional service will promote the image of the organization in the market.
Implementation of Know-your-customer (KYC) Process
Recording key consumer data, recent feedback, and support histories will help banks offer services as per consumer requirements. Analyzing the data collected will allow representatives to contact consumers directly and offer personalized products and services according to their demands. Consumer information will also help banks make strategic decisions that will promote growth opportunities. KYC is the best tool to improve consumer satisfaction levels and create brand loyalty. Moreover, this is a great way to help consumers refer more customers to the bank.
Introducing Multi-channel Support
Increasing the channels for providing support will help banks reach a wider audience at a faster pace. The most popular mediums for providing consumer support are email, phone, support ticket, live chat, and social media. By using different channels, it allows the consumers the freedom to choose any support medium and at their convenience. Moreover, the introduction of 24/7 support services on websites or through mobile-based applications on smartphones is improving banking services and increasing consumer interaction levels.
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Outcomes and Solutions Offered
Quantzig’s customer analytics team identified relevant data fields such as call center data, customer profile, and campaign data and offered precise retention strategies for a leading bank in Europe. Some of the solutions offered are as follows:
- Assisted the client in delivering the right solutions to their customers in a consistent, professional manner at every touch point, which increased consumer satisfaction levels by threefold
- Provided solutions equipped individual bank tellers and staff with customer information that enabled them to provide a tailored and consistent customer experience, irrespective of points of contact
- 11% improvement in cross-selling and up-selling based on in-depth customer analytics
- Increased the number of time branch employees spent on sales and service activities from an average of 40% to 70% of their time
- Analyzed the social chatter to understand brand perception and product feedback and identified the next best action at the individual customer level
The complete case study on customer analytics engagement for a leading bank in Europe is now available.
Recent case studies that might interest you:
- Customer Analytics Engagement Helps Decrease Customer Churn by 15% for a Leading Retailer
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- Claims Analytics Engagement Helps a Leading Insurance Company Identify Potential High-Risk Claims
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