Churn Analysis Engagement Helped a German Banking Firm to Improve Customer Retention Rate by 85% | Read Quantzig’s Latest Success Story to Gain In-Depth Insights

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How to retain customers using customer churn analytics?

LONDON--()--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.

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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.

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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%

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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

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About Quantzig

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

Contacts

Quantzig
Anirban Choudhury
Marketing Manager
US: +1 630 538 7144
UK: +44 208 629 1455
https://www.quantzig.com/contact-us

Release Summary

Quantzig has announced the completion of their latest churn analysis engagement for a German banking firm.

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Contacts

Quantzig
Anirban Choudhury
Marketing Manager
US: +1 630 538 7144
UK: +44 208 629 1455
https://www.quantzig.com/contact-us