We helped a Fortune 500 bank strategize how to keep and attract customers using customer data analytics.
A regional Fortune 500 bank was losing customers, but they didn’t know why. The bank needed help understanding why customers were leaving and how to attract new customers — and for that, they needed actionable data.
The bank had data, but it existed in silos and didn’t give a complete picture of what was happening with the bank’s customers. They needed help combining their data to make it more useful. They also needed help giving their data context so they could gain a comprehensive understanding of their customers.
The bank chose to work with g2o because of our expertise with customer data analytics.
In addition to bringing the bank’s data together, we also enhanced their data with external sources to provide the thorough contextual picture they needed.
g2o brought a wider viewpoint to solve the problem. By enriching their customer data with external sources, we were able to provide deeper analysis of the issue and provide new ways to think about the customer experience.
Our analytic process uncovered new KPIs that better define the true issue, which was low share of banking wallet. This insight led to a new understanding of marketing results and how to better attract target customers and grow a profitable relationship with them.
The insights we provided into the bank’s customers enabled them to better target their marketing efforts to attract more profitable customers and craft a customer experience to support their retention goals.
By identifying the root of the bank’s customer attrition problem, g2o identified more profitable segments and their lifestyle needs. New campaign segments had twice the profitability as traditional campaigns.
