How we guided a leading bank to improve retention by 30% per campaign and retain more than $30 million in customer value annually with our NBX approach.
Challenge
The client, a major bank, was facing a daunting challenge: it was losing over $500 million of assets a year due to escalating customer churn. Traditional customer retention programmes, which had previously achieved some success, were proving increasingly ineffective in stemming the tide of departing customers.
Solution
In response to this dilemma, our team turned to advanced machine learning techniques. By using these technologies, we were able to design and deliver prioritised retention campaigns. These campaigns were designed specifically for bank managers to target and retain those customers identified as high value at risk, ensuring that the most significant potential revenue losses were addressed first.
Results
The results of this initiative were markedly positive. The client experienced a significant increase in the retention of high value customers. In addition, the effectiveness of individual marketing campaigns was significantly improved, with a 30% improvement in retention rates for each campaign. Ultimately, this strategic approach resulted in the retention of more than $30 million per year in customer value.
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Maciej Przybysz