Quantzig, premier analytics solutions provider, has announced the completion of its latest success story that illustrates how customer analytics solutions helped a US based bank to improve customer acquisition rates by 17%.
Quantzig’s customer analytics solutions can help you to understand your customers’ preferences.
The shift from product-centricity to customer-centricity in the banking sector is almost tangible, however, the challenge still lies in engaging with the customer effectively when they sign up or even before they decide to. The focus of banking industry players for the last few years has been client life-cycle management. When it comes to gaining comprehensive insights into their customers, banks are ahead of the curve as compared with any other industry. The issue lies in the fact that these actionable insights are often not shared across the organization. Customer analytics in banking helps banks gain granular insights on current and upcoming requirements of their customer base.
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With customer analytics, you can reduce campaign costs by targeting those customers most likely to respond”,says a customer analytics expert from Quantzig.
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Salesforce Effectiveness Engagement: Outcomes, insights, and solutions offered:
The client is a financial and banking services provider based out of the United States. This banking industry giant was facing predicaments with fraud detection. The client faced severe fraud in the financial year of 2018. This client approached Quantzig to leverage its expertise in customer analytics in banking. By using customer service analytics, banks can easily identify fraudulent activities. Our experts deployed a framework to help the client identify threats and also designed an analytics-driven dashboard to understand patterns that ring alarms before threats even arise. Some of the solutions offered and results obtained as a part of this engagement are listed below:
- Improved customer acquisition rate by 17%
- Enhanced customer retention rates by 54%
- Reduced financial frauds which further helped in saving US$2.5 million in the FY 2019
- Personalized customer interaction and enhance cross-selling opportunities
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