Tag: Bank

customer analytics

3 Interesting Ways Banks Can Curtail Customer Churn Rate | Quantzig

Acquiring new customers is a more expensive process when compared to the retention of old ones. This is one of the main reasons why leading companies have put reducing the customer churn and improving their customer retention capabilities on their priority list. The banking sector is among the industries recording the largest rate of customer churn every year.

The rising competition in the market, which gives customers the liberty of choice and better offers, is one of the primary contributors to customer attrition for retail banking companies. To state the obvious, providing effective, meaningful service is key to reducing customer churn. But how can companies in the banking sector get there and bring down customers leaving them for competitor brands?  To identify early signs of potential customer churn, banks first need to start getting a holistic 360-degree view of the customer base and their interactions across multiple channels such as bank visits, calls to customer service departments, web-based transactions, mobile banking, and social media interactions. This would allow them to detect early warning signs of customer churn such as reduced transactions or stoppage of auto-pay or negative experiences, and you can take specific actions to prevent churn. 

At Quantzig, we understand the impact that customer churn rate can have on your business. And to help banking and financial services companies provide the best customer service and reduce customer churn rate, our team of experts have highlighted three strategies that they must consider:

How to Curtail Customer Churn Rate?

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data and analytics

Big data based cross-sell analytics improves sales offer acceptance by 25% for banking client

Business Challenge: Creating better cross-sell and customer offers to improve acceptance

A leading bank in the US wanted us to utilize big data for conducting customer offers and cross-sell analysis to increase offer acceptance.

Situation: Low acceptance of CRM based cross-sell offers

The client was utilizing CRM (traditional) data for creating offers and cross-sell methodologies for customers. The acceptance rate of these offers was very low and cross-sell success rate had reduced as well. The client was looking for a solution to improve the situation.

Solution/Approach: Big data based analytics, and framework development for cross-selling offers

We analyzed their current process and utilized big data based analytics for analyzing and predicting customer acceptance rates. We analyzed customized offers and conducted statistical validations for success of the offers. We also set up framework for cross-sell relationships.

Impact: 25% higher offer acceptance rates

The client achieved improved cross-selling and greater product penetration. Based on this, the client was able to increase revenue through 25% higher offer acceptance rates, reduced campaign and operations costs as well as improve customer profitability, satisfaction and retention.

Product launch impact assessment helps maximize customer reach for new products for European Bank

Business Challenge: Assessing the impact of newly launched products

A leading European bank wanted to conduct product launch assessment for its new offerings through social media analytics.

Situation: Determining the popularity of and sentiments for newly launched offerings

The client wanted to assess the popularity and impact of its recent products including “Virtual Wallet”,  and “Retirement Plus Savings Scheme“ against its competitors through social media analytics. The client was looking for partners who could provide analysis and recommendations to meet this requirement.

Solution/Approach: Share of voice analytics, category assessment and influencer analysis

We deployed “tool monitoring” to identify and analyze the discussions and share of voice around the new service offering. Further the conversations were analyzed using brand monitoring, category assessment, influencer analytics and tonality assessment.

Impact: Helped in revising pro-active launch activities to ensure maximum reach

The client gained insights on the customer preferences and was able to revise proactive launch activities for virtual wallet and retirement plus savings scheme. Based on our insights, the client also re-aligned go-to-market strategies to obtain maximum reach between target customer segments.

Collections analytics helps in better collection planning and reduces costs for multinational bank

Business Challenge: Improving collection efforts

A leading bank in the US wanted us to analyze & setup the collections analysis framework to evaluate the effectiveness of its various initiatives.

Situation: High costs of collection with low collection rate

The client was experiencing very low collection rates. However, they were incurring huge costs in the collections process with low visibility on the effectiveness and contribution of multiple collections channels (automated emails, call center agents, IVR, field agents, etc.).

Solution/Approach: Customer profiling, risk analytics and collection model development

We analyzed the process and developed a statistical model for profiling and segmenting customers based on the risk and probability of collections. We also analyzed the efficiency of various channels with integration to the collections model, and established a revised effort and capacity planning for the channels based on the analysis output.

Impact: Better collection planning and reduced costs

The client gained a data based framework for collections planning, This  provided better visibility on the collections probability and resulted into better planning with less effort for collections. The result was improved collection rate and reduced overall cost of collections operations, as well as improved customer satisfaction with lesser repetitive reminders and calls.

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