Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its recent engagement which examines the role of customer segmentation in the banking industry. This success story offers comprehensive insights into how Quantzig helped a bank to gain a deeper understanding of their customers’ preferences. The banking sector client was also able to discover the value of each segment and accordingly tailor marketing efforts toward these segments.
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Key Questions Answered
1. How can customer segmentation help to improve customer satisfaction?
2. How can customer segmentation help determine profit potential of customer segments?
The case study aligns perfectly with Quantzig’s commitment to helping its clients ensure business continuity by delivering cutting-edge analytics solutions that keep businesses running while equipping them to thrive in the new normal.
According to Quantzig’s customer segmentation experts, “With customer satisfaction increasingly becoming important for growth in the banking sector, businesses must leverage solutions that help them place their customers at the heart of decision-making.”
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Amid the economic uncertainty, banking sector companies are mainly concerned about implementing decisive steps to optimize their businesses and improve their financial performance. Also, with the recent decline in profitability, leading businesses in the banking sector are adopting new operating models and technologies to address challenges pertaining to improving customer experience and compliance. In this scenario, the client wanted to understand customer characteristics to clearly segregate the customers into the need-based and value-based segments. Developing a marketing strategy to target specific segments is like taking a blind shot at the target.
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How Customer Segmentation Helped the Bank
- Divide customers into measurable segments based on their needs, behaviors, and demographics
- Determine the profit potential for each customer segment
- Effectively allocated marketing resources and maximized cross and up-selling opportunities
- Improved customer service by 20% and enhanced customer loyalty and retention
Our mission, in this case, the client wanted to understand customer characteristics to clearly segregate the customers into the need-based and value-based segments. By leveraging customer segmentation the client was able to gain a deeper understanding of the company’s most profitable customers and adequately allocate its precious resources in a timely and efficient manner. Read the complete success story for comprehensive insights: https://bit.ly/2yDNrpn
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal