cpMAP in Financial Services Case Study

Client

Listed Australian Bank providing integrated financial services

Issues

• Under pressure to meet the forecast revenue target, and existing activities were not meeting the forecast.
• Net customer growth was stagnant and the cross sell rate was stable.
• Marketing had extensive data analytics and were using segmentation to target customers.

Genroe Solution

Analyzed the customer base through the customer value map (cpMAP)

• Identified that the churning customers were higher value than the acquired ones
• The bank was targeting cross sell at customers that were in a silent attrition pattern or did not have a high propensity to take up the targeted products.

Implemented cross sell and retention strategies that were broken down into targeting the most valuable and potential value customers to retain or cross sell:

• Insurance products were a focus in some of the following programs that were implemented
• Implemented an outbound calling high value relationship program for the highest value customers
• Targeted the low current value but high potential value customers with product bundles developed for their needs.
• Targeted medium value churning customers with save offers that were based on perceived customer benefits eg. Dropped the overdrawn account fee.
• Redirected the marketing to target higher value customers for acquisition and implemented onboarding for new customers
• Developed an inbound contact single product cross sell program

Outcome

• Improved cross sell uptake of targeted customers from 1.4 to 1.9 products.
• Increased the customer retention rate of targeted customers by 14.3%.
• Improved the revenue of the targeted customers by 5.2%