LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, has announced the completion of their latest churn analysis engagement for a German banking firm. This success story analyzes the factors that helped the client to retain customers and understand customer behavioral patterns through analytics dashboard in real-time.
With the financial services sector being highly saturated, existing players face several challenges in differentiating their service offerings. The ratio of customers switching over to other financial service providers has increased significantly due to a wide range of alternative financial products and competing providers. As a result, customer churn rates today have gone high. This has brought to light the importance of churn analysis and its role in customer retention. Also, reports suggest that customer churn has resulted in high costs in the form of lost profits. This not only signifies the loss of income from the customers themselves but also from other value contributors.
Request a free brochure of our analytics solutions to know how it can help you capture customer’s behavioral traits and automate actions to improve retention.
The Business Challenge
The client, a leading German banking firm, found it challenging to identify the reason behind customer churn owing to the complexity of datasets. Also, the client was looking for suitable churn analysis models to help them understand the preference of different customer groups as well as identify the associated churn risk. The client faced challenges that spanned three core areas including:
- Inability to improve the effectiveness of marketing campaigns
- Lack of proper BI tools to gauge data at scale
- Inability to analyze payments patterns and build effective programs to reduce churn
“Though systematic recovery is still a rarity in today’s banking world, the probability of winning back lost customers looks promising with advanced churn analysis models that are capable of retaining customers,” says a customer churn analytics expert from Quantzig.
Talk to our analytics experts and learn how we can help you design customer retention strategies to suit the specific needs of your organization.
The Solution Offered & Value Delivered
The German banking firm collaborated with Quantzig to leverage its expertise in offering customer churn analytics solution to help them compare scenarios, anticipate risks, forecast resources, balance risks against expected returns and work to meet regulatory requirements. Quantzig’s customer churn analysis engagement empowered the client to:
- Reduce customer churn rate from 10% to 3%
- Improve customer retention rate by 85%
- Improve overall annual ROI by 70%
Gain limited-time complimentary access to our analytics platform to gain a 360-degree view of your customers and improve customer service.
Quantzig's customer churn analysis engagement offered predictive insights on:
- Identifying new opportunities for churn reduction
- Aligning tactical and strategic decision-making to achieve business goals
Quantzig’s churn modeling solutions can help you effectively manage risks associated with churn while improving business value. Learn more
Recent Success Stories:
- Big Data Analytics Helped a Client to Ease Data Processing & Improve Service Efficiency by 12%
- Improving Logistics and Supply Chain Visibility Using Supply Chain Analytics Solutions | A Success Story by Quantzig
- Location Analytics in Retail Helped an Organic Food Retailer to Boost Quarterly Sales by 43% - Quantzig's Success Story
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