Customer retention process
Client
A large financial institution operating in the banking sector expecting an improvement in customer churn ratio
Expectations
The client expected support in the area of customer retention automation. It's widely known that acquiring new customers is, on average, 5 times more expensive than retaining existing ones. The challenges set were aimed at improving current metrics with limited operational costs.
Project
One of the design challenges was the individualization of offers prepared for clients. As part of the project, we focused on the analysis of the data held by the Bank and the way in which can be obtained by the Customer Service Consultant during a telephone conversation with the client. Defining the data set allowed for the diversification and personalization of offers presented to clients.
Finture's involvement allowed a compromise to be struck between the need for data and the time taken to handle each case. The solution was subject to continuous monitoring and improvements based on data from the production environment. Collaboration with product departments, with a properly designed UX, allows consultants to offer promotional products to customers in an efficient manner.
Results
After the implementation, customers began to use the new functionality on a mass scale, which significantly reduced the costs of handling the process, as well as increased the sales volume. The introduction of a simplified credit risk assessment and omnichannel procedure improved the customer experience.
Info
Sector
Banking
Service
Automation
of business processes
Technologies
Java, JavaScript, BPM
Key figures
30%
faster customer service time
7
departments involved in the process
+40
integration services
+5
integrated systems
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