Client

A major financial institution in the banking sector aiming to improve their customer churn ratio.

Expectations

The client aimed to significantly improve customer retention, given the common understanding that acquiring new customers is approximately five times costlier than retaining existing ones. The challenge was to enhance current performance indicators while keeping operating costs minimal.

Project

One of the design challenges was the personalization of offers tailored to individual clients. The project involved an in-depth analysis of the bank’s data and the information that could be gathered by a customer service representative during a telephonic conversation with the customer. Determining the data set allowed for diversification and customization of the offers presented to customers. Our involvement facilitated a balance between data necessity and the time required to address each case. The solution was constantly monitored and enhanced based on data from the production environment. Collaborating with product departments, along with a properly designed User Experience (UX), empowered representatives to effectively offer promotional products to customers.

Results

The implementation led to a decrease in the customer churn rate. The usage of operational data, as well as information from telephone conversations, enabled the determination of customer priorities and thus the proposal of solutions that catered to their needs.