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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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Top 5 Payment Trends the Financial Sector Is All Set to Embrace

The way people transact is changing by leaps and bounds. When was the last time you stood in a long queue at the bank to send money to someone? Most of us would have a hard time to remember. Modern consumers are blessed with a myriad of way to make and take payments. Though cash and cards still dominate the payments landscape, there appears to be a higher acceptance of mobile payment technology, especially by younger demographic groups. Furthermore, the exponential growth rate of IoT is expected to fuel new payment trends and use cases in the years to come. According to a recent survey of 1,500 consumers in the United States and Canada by Accenture, an analysis of consumer banking and payments trends and the likelihood to embrace future payment technologies was studied. Thanks to the advances in technology, we have seen significant changes in the banking and financial sector in the previous year. So, what payment trends are in store in 2018? Let’s take a look:Free demo

 

payment trends

Bitcoins and blockchain technology

Though many are still skeptical about making blockchain payments, their benefits cannot be ignored. Bitcoins and the blockchain technology are one of the most promising payment trends to watch out for this year. In 2018, the financial sector is all set to move towards adopting blockchain technology for various purposes including payment processing and trading functions. Banks and regulators can use blockchain as a completely transparent and accessible recording system, making auditing and financial reporting considerably more efficient.

Fintech and banking sector partnership

Banking sector companies are gradually coming to terms with the fact that they need to be in line with the technological advancements of fintech companies to survive in the long run. Partnerships between banks and fintech companies are the key to an expanded payments ecosystem. This year, the advancement of companies in the baking industry with the help of fintech technologies is an exciting payments trends to watch out for.

AI for routine transactions

Chatbots are one of the simplest forms of artificial intelligence that are revolutionizing mobile transactions in the financial sector. These chatbots can prepare and execute basic transactions with the approval of the customer. Now, a simple voice command from the customer is all it takes for these chatbots to provide basic financial snapshots and transfer funds. The ease at which it can be executed will surely make this one of the most favorite payment trends for 2018.

Biometrics and security in payments

Though the use of biometrics as a security measure has been prevalent for quite some time now, it is slowly becoming commonly used as a mechanism to authorize payments or transfer funds. This system adds another level of security to mobile payment systems. Once this system is installed, it eliminates the need for a password. Customers will be able to authorize payments with a just a fingerprint.

Rise of mobile wallets

Thanks to open banking and APIs providing the capability to enhance the customer experience with rewards and instant alerts, mobile wallets are finally poised to take off. The hassle-free and user-friendly experience that mobile wallets provide are going to make this one of the most popular payment trends among customers in the financial sector.


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