What the Client Wanted
Identify drivers of customer churn and build a churn propensity model to retain potential customers and enhance service efficiency.
With the help of Quantzig’s customer analytics engagement, the internet banking services provider was able to analyze and predict complex customer behavior. Also, the banking analytics solution helped them improve every aspect of their business by developing new and proactive business models.
Want to learn more about our analytics solutions for banking industry players? Speak with our analytics experts and gain data-driven insights.
Summary of the Internet Banking Services Industry
In today’s fast-paced business milieu, on-demand internet banking solutions have become a necessity for a better lifestyle. That is what an internet banking services firm helps ensure. It offers complete control over the funds in your bank account. In fact, many organizations and individuals are now bidding-adieu to long queues and are opting for internet banking solutions. Internet banking has made it possible for customers to access banking services at their fingertips.
Though the scope of internet banking is growing on a daily basis, customers tend to get apprehensive when it comes to data security- mainly because security breaches pose a major challenge for internet banking services providers. It is essential for banking service providers to employ robust security measures and encryption mechanisms to prevent the loss of customer data. Also, there are other major challenges that banks will have to reconcile in order to succeed, including transaction difficulties, technical issues, and traditional banking preferences.
- The issues arising due to technical glitches: Since internet banking service providers rely heavily on online platforms, a minor bug or a system crash could lead to substantial losses. This makes it necessary for internet banking service providers to ensure the smooth operation of their online platforms as the loss of data and funds due to a technical glitch may at times be irreplaceable.
- Difficulties in online transactions: Depositing or withdrawing money from internet banking platforms can be more time consuming and difficult when compared with the traditional banking system. This is mainly because internet banking service providers often have significantly fewer ATM’s than their traditional counterparts, making it a difficult and time-consuming process.
About the Client
A leading banking services firm.
To identify the key performance metrics, the client – a leading internet banking services firm – approached Quantzig to leverage customer analytics and gain insights into customers’ behavior. The client wanted to reduce churn and focus on developing a churn propensity model with the help of our banking analytics solution. Furthermore, the client wanted to leverage banking analytics to devise effective churn reduction strategies as a part of their business plan.
With the help of Quantzig’s customer analytics solution, the internet banking services client was able to span the entire journey of their customers and identify multiple opportunities to drive the top line. The internet banking analytics solution helped the firm to decrease churn rate by 25-30% by using key intervention at the appropriate time. Additionally, our team seamlessly integrated data across several marketing channels that helped drive business value.
To know more about how our banking analytics solution helped the banking services provider and can transform your business, request a FREE proposal.
Banking Analytics Solution Insights
Quantzig’s banking analytics solution helps banking firms to accurately predict customer behavior and build churn reduction models to drive growth. Moreover, by establishing banking analytics as a factual business discipline, banking service companies can grasp the massive potential, which would otherwise be an uphill task.