A robust Customer Retention Strategy for a financial institution
Our client, a leading financial institution, being fully aware that it is more efficient and cost-effective to win back an existing customer rather than acquire a new one, aimed to redesign its entire customer retention strategy. Linakis.digital was appointed to address this challenge by combining advanced analytics with business sector expertise.
To increase retention, we adopted a twofold approach enabling the business to optimize both its proactive & reactive retention strategy.
The key steps in the process included:
Having a thorough knowledge of the customer calling to cancel a card product, set the basis for prioritizing the retention effort. The next step was to optimize the reactive retention strategy, and our work started with a detailed Process Mapping and Gap Analysis of the bank's retention process across channels. That way, we recorded all customer contact points and were able to identify areas of improvement.
Implementing the newly designed customer retention strategy through all customer contact points, we were able to fully revamp the end-to-end retention process of the bank's approach covering:
Linakis.digital developed both a Proactive and a Reactive Churn Optimization approach, ensuring the card issuer received the maximum benefit. Combining Churn Analytics with business expertise, we were able to:
Based on this approach, the bank implemented a robust Customer Retention Strategy that resulted to:
Churn Analytics help to proactively identify customers probable to churn and, combined with the relevant business expertise, can ensure that companies will allocate their retention efforts & resources based on the customers' expected value.