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financial services - loyalty and retention
Smart financial companies are identifying new ways to keep their most profitable customers loyal, to enervate marginally unprofitable customers and to minimise unnecessary expenditure on costly, directionless customers. It makes plain economic sense: protecting a profitable account means (at least) one less new business account to acquire, helping to underpin consistent company profitability and growth.
To drive up loyalty and customer lifetime value, you need insight into each customer’s present and future needs. Once understood, personalised communication can be achieved - a technique proven to increase customer satisfaction. Customers don't like to be overtly managed, especially where this takes place in its crudest, most unpersonalised form.Stealth Customer Management (SCM) is the new evolution to traditional CRM that utilises predictive analytics techniques to deliver an utterly personalised product and service proposition at the optimum time. The customer feels your business is really on the ball, and a lot less frustrated by irrelevant marketing messages.
The objective of SCM is for your business to meet its Customer Lifetime Value objectives by subtly managing accounts to an increased revenue position, whilst increasing loyalty and satisfaction throughout the customer journey.
So how can Oceans Blue help you achieve this ?
Oceans Blue has found that the most successful financial companies communicate with their customers with both an understanding of their historical purchasing behaviour and a future insight based on predictive analytics.
Customer intelligence revealed by Oceans Blue’s Information Inventor software enables effective communication, delivering hard predictive data such as Customer Lifetime Value, cross-selling product and services propensity, proposition timing and future customer needs - these can all drive existing business applications to increased efficiency.
Some clear winners adopting these tactics have already appeared in the credit card, retail banking and stock broking sectors. Efficacy can be proven in a production environment, by targeting the insight delivered from Information Inventor toward a control group of customers, then measuring business performance across this group, versus the business at large.
Business Case Snapshot
Company Profile "before Information Inventor"
sector: financial services
accounts: 40,000
monthly churn rate: 8% of accounts
monthly lost value: £5,000,000
with Information Inventor for Churn Prediction
project duration: 1 month
overall classification accuracy: 99.8%
True Positives to False Positives ratio (expressed as percentage): 82%
Information Inventor monthly churn value captured £4,000,000
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According to a recent research report from IDC, (www.idc.com), a detailed comprehensive analysis of customer data can generate an average 5 year return on investment of up to 430% compared to a 55% pure customer strategy.