Why it matters?
Customer segmentation nowadays is a basic tool of any bank, you want to classify your customers naturally and understand how cluster shift and evolve in time.
It customer cluster needs to be treated in a different way from multiple angles:
-
Channels: Is a tech savvy customer? Or it is easier to call him? Is he suing tech but still going to the branch and we should advise him on more efficient ways to do his transactions?
-
Loyalty: Is fitness his passion? Will he be having a VIP sports event reward increase his loyalty?
-
Products: Is he a saver or an investor? How sophisticated is he? We’ll offer a deposit or a structured product? Is he efficiently using his spare savings or we can advise him on improving his returns?
-
Happiness: Is he having issues and raising help desk calls? Are they satisfactory? Did he fill a satisfaction survey and should be the target for one?
-
Demographics: Do people on his age bracket and industry background usually purchase houses? Or is he a feasible client for retirement funds?
-
Risk: Is being less active recently with some of his products? Is he likely going to churn?
We’ll find insights about our customer base, groups of clients that share common traits and deserve special attention from the relationship managers, to build tailored strategies for the most attractive segments.
Approaches and benefits
Use interfaces, every application will expose its data using an interface, each interface by itself will define the logic to access the underlaying data and any other application or service will need to access through the interface, nobody will access the database directly.
