By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics in sports industry
    Here’s How Data Analytics In Sports Is Changing The Game
    6 Min Read
    data analytics on nursing career
    Advances in Data Analytics Are Rapidly Transforming Nursing
    8 Min Read
    data analytics reveals the benefits of MBA
    Data Analytics Technology Proves Benefits of an MBA
    9 Min Read
    data-driven image seo
    Data Analytics Helps Marketers Substantially Boost Image SEO
    8 Min Read
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Cut Costs, Improve Experiences & Retain Customers
Share
Notification Show More
Latest News
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security
ai in software development
3 AI-Based Strategies to Develop Software in Uncertain Times
Software
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Uncategorized > Cut Costs, Improve Experiences & Retain Customers
Uncategorized

Cut Costs, Improve Experiences & Retain Customers

SundeepKapur1
Last updated: 2009/06/08 at 12:24 PM
SundeepKapur1
4 Min Read
SHARE

We just wrapped an interesting case study with a financial institution, our goal is three fold – reduce expenses, improve customer experiences and customer retention. Our first step was to define customer retention – we realized that retaining the customer was not just having them keep their money in the bank, retaining the customer required interaction, up-sells and insuring that the customer came to us for all their financial transactions.

Next we listed all the paper mailed to the customer, to that we added the cost of preparing/ sending paper statements – needless to say we were more than a little surprised to see how much money was being spent. We engaged a few members of the call center to proactively reach out to customers in hopes of converting customers to the email program, all with the goal of reducing expenses.

Next we tried to maximize every contact opportunity with the client. We realized that the customer spent time online; we tracked what they did and captured reverse preferences in a contact management database available to the CSRs – now, every time the customer contacted the bank, we had a frame of reference. Rather than selling the customer directly, we provided …


We just wrapped an interesting case study with a financial institution, our goal is three fold – reduce expenses, improve customer experiences and customer retention. Our first step was to define customer retention – we realized that retaining the customer was not just having them keep their money in the bank, retaining the customer required interaction, up-sells and insuring that the customer came to us for all their financial transactions.

More Read

big data improves

3 Ways Big Data Improves Leadership Within Companies

IT Is Not Analytics. Here’s Why.
Romney Invokes Analytics in Rebuke of Trump
WEF Davos 2016: Top 100 CEO bloggers
In Memoriam: Robin Fray Carey

Next we listed all the paper mailed to the customer, to that we added the cost of preparing/ sending paper statements – needless to say we were more than a little surprised to see how much money was being spent. We engaged a few members of the call center to proactively reach out to customers in hopes of converting customers to the email program, all with the goal of reducing expenses.

Next we tried to maximize every contact opportunity with the client. We realized that the customer spent time online; we tracked what they did and captured reverse preferences in a contact management database available to the CSRs – now, every time the customer contacted the bank, we had a frame of reference. Rather than selling the customer directly, we provided up-sells to the CSR to present to the customer.

We next came up with the plan of being extremely prompt in our follow up, every inquiry was quickly acted upon and every transaction was acknowledged (across all channels.) The customer’s questions were answered expeditiously and we introduced a transactional survey to help them keep score on us. Additionally, we shared the report card back with the customer – an effective strategy to help retention.

As an FI, use this three-pronged approach to draft an effective plan to retain customers and engage new prospects, you’ll be amazed at how quickly you can influence the relationships with your customers/ members.

Link to original post

SundeepKapur1 June 8, 2009
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

big data improves
Big DataJobsKnowledge ManagementUncategorized

3 Ways Big Data Improves Leadership Within Companies

6 Min Read
Image
Uncategorized

IT Is Not Analytics. Here’s Why.

7 Min Read

Romney Invokes Analytics in Rebuke of Trump

4 Min Read

WEF Davos 2016: Top 100 CEO bloggers

14 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?