For a financial services firm, customer service is critical because it could impact the lifetime value of a customer. But many banks place customers into various service levels based on internal data or demographic data, which may not give the full picture of the customer. And this could result in lost opportunities and overservicing.
In this case study, a leading bank was having a difficult time determining the growth potential of existing customers. Therefore, customers were not being assigned to the most appropriate service channels.
The bank used WealthComplete to identify the growth potential of their existing customers and then used that knowledge to determine appropriate service strategies.
By using WealthComplete, the bank was able to:
- Reverse negative revenue growth of -0.5% to 1.7%
- Realign customers with the right service levels, resulting in over $700 million in new revenue
Read our case study for details.