Banks need to relook the way they segment their customers and prioritize activities where data is explored for, cleansed and is used to derive powerful insights. Segmenting your customers give banks many perks like understanding their needs, grouping them with alike customers, improving personalization and cross selling opportunities.
Why is Customer Segmentation important for banks?
It helps you understand your customers on a more granular level. Segmentation provides specific intelligence that can be obtained by large volumes of data. These insights can then be converted into informed marketing messages as part of your customer acquisition strategy.
This article is a 3 minutes read where you will learn
- Explore excruciating pain points banks face due to lack of segmentation
- The importance of knowing a customer’s financial and digital maturity
- Steps to be taken to achieve true customer segmentation
“According to a recent Ernest and Young report, the customer segmentation strategy followed by traditional banks is quite inadequate and falls way of the mark in yielding insights”