Customer Acquisition & Customer Retention
Personalized services, seamless customer journeys and the real-time availability of offers are becoming more and more important for success in customer acquisition and customer retention.
In the analogue world, personal contact at the bank branch was sufficient to discuss the individual needs of the customer and to provide a solution through appropriate offers. Going to the bank branch was often indispensable, for example to update the home address after a move. The bank adviser used this opportunity to learn more about the customer’s situation through personal contact, and, as a result, was able to propose a loan, for example, to support the refurbishment of the apartment. In addition, helpful services or improvements for the customer could be discussed directly and the next steps could be deduced.
In the digital world, however, customers use self-services in their online banking portal. Digital interactions replace personal face-to-face contact, and those digital interactions leave a wealth of data. Decision management starts at this point and provides companies with the best approaches to make better operational decisions based on customer behavior and data directly at the digital touch points: Which product is currently most relevant for the customer? What kind of service could the customer need if his or her account is overdrawn? Which loan conditions are valid and how can the application process be processed as quickly as possible (automated) and in a convenient way (digitalized)?
Digital customer acquisition and retention therefore focus on intelligent, operational decisions in order to create added value for the customer.
- Greater relevance of interactions at all digital customer touchpoints
- Lower costs and higher efficiency of customer-facing interactions
- Short time to market for new ideas and changes to them