SITUATION
Working with the Vice President of Retail Accounts for a major financial services firm, the critical business issues were customer attrition and the low average rate of products sold per household.
The firm did not have a complete understanding of the buying behavior and needs of their existing customer base.
The client’s vision was to improve customer loyalty and drive sales of more products to their customers.
SOLUTION
Fenway partnered with our client to develop a comprehensive customer relationship management strategy based on business goals, current state business processes, and the future state vision of understanding the behavior of their customers.
Our team designed and built a customer data warehouse leveraging two years of historical customer data organized by account, customer, and household. Fenway created a modeling environment to support analytic modeling.
RESULTS
- Reduced customer attrition by 15%
- Increased conversion rate of prospects to account holders by 10%
- Increased the average number of products sold per household from 1.8 to 3.1 products
- Provided the ability to execute target marketing initiatives to customers based on individual account history
and personal banking life cycle
To learn more about our business process improvement services, contact us at:
877-601-8116 |
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