CASE STUDY

Customer Segmentation – How A Leading Fintech Industry Player Enhanced Customer Loyalty and Retention Rate By 20% in the Asian Market

Jul 16, 2018

What the Client Wanted

A fintech industry player – a leader in the Asian market wanted to understand customer characteristics to segregate the customers in terms of need-based and value-based segments.

The Outcome

Quantzig’s customer segmentation solution helped the fintech industry client gain a deeper understanding of their customers’ preferences. This subsequently helped them improve customer service and enhance customer loyalty and retention rate by 20%.

Summary of The Global Fintech Industry

Typically, fintech industry players use computer programs and other technologies to support or enable financial and banking services. Broadly, fintech can be defined as a technological innovation in financial services. Companies functioning in the fintech industry typically exist to provide or improve upon the existing financial infrastructure. The most significant opportunity presents itself in the fintech industry’s ability to disrupt the global financial services industry. As a result, major participants in the fintech industry are actively seeking new technology solutions to remain relevant and gain competitive advantages. Additionally, their willingness to adopt new technology provides a boost to startups looking to engage in this industry.

Industry Challenges

Rules and regulations: The most substantial risk is the regulation surrounding the fintech industry. Financial services are heavily regulated and fintech industry players are getting more attention from policymakers. Additionally, governments at all levels have taken an increasing interest in the financial services industry, post the global financial crisis. Old and new policies will have a significant effect on the success and failure of new companies.

Participant uncertainty: Although many banks are actively seeking newer and improved technologies to replace the outdated current technology, there are often massive complications in this transition. These complications can discourage industry participants and are crucial risks that need to be considered.

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About the Client

An American company headquartered in the US. The company operates worldwide and specializes in the online payments system. 

Client’s Challenge

The fintech industry player wanted to develop a robust marketing strategy to target specific segments in the Asian market. As a result, the client needed to gain a deeper understanding of the company’s most profitable customers and adequately allocate its resources in a timely and efficient manner. Moreover, the primary concern of the fintech industry client was to gain an impression on who wants to buy the products and gain actionable insights to improve performance against the competitors.

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Business Impact

With the help of Quantzig’s customer segmentation solution, the fintech industry client gained a deeper understanding of their customers’ preferences. This helped them discover the value of each segment and accordingly tailor marketing efforts. Furthermore, the fintech industry client, with an aim to tap Asian market segments, maximized cross and up-selling opportunities and encouraged the customers to subscribe to more products and services.

Customer Segmentation Insights

Quantzig’s customer segmentation solution helps companies in the fintech industry to divide customers into measurable segments based on their needs, behaviors, and demographics. Additionally, companies in this sector can determine the profit potential for each customer segment and subsequently allocate marketing resources and maximize selling opportunities. Lastly, leading fintech industry firms can stay ahead of competitors and incorporate new services to meet customer expectations more efficiently.

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