A global data analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest customer churn analysis engagement for a leading payment gateway services provider. During the course of this engagement, the churn analysis experts at Quantzig adopted a comprehensive three-step approach that focused on leveraging the use of customer churn models to predict churn rates and modify service offerings.
The number of customers switching over to other financial service providers has increased significantly over the past few years. The high customer churn rates have resulted in huge loses for leading players in the banking sector. However, the probability of winning back lost customers looks promising due to the availability of advanced analytical tools that help gauge customer preferences. Though systematic recovery is still in its infancy in the banking world, players can use creditworthiness and customer data to retain and recover former customers rather than acquiring new ones.
Quantzigs recent churn analysis case study highlights the importance of customer churn models and its role in forecasting churn probability of existing customers for a leading banking services provider. It also focuses on addressing the ultimate challenge in customer churn management which revolves around preventing customer churn even before it occurs.
The Business Problem: The client is an American subsidiary of a well-known banking firm that recently ventured into the online payment processing segment. Being a well-known payment gateway services provider, the client faced a number of predicaments that hampered their ability to retain customers. Their challenges included increasing customer churn rates, increasing competition, and fluctuating customer preferences.
Quantzig believes that by leveraging customer churn analysis businesses can understand the root cause behind customer churn and devise appropriate strategies to retain them. Get in touch with our experts for more insights.
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In todays complex business scenario, churn analysis is vital to creating a data-driven customer retention strategy, says a churn analytics expert from Quantzig.
The Solution Offered: To help the client tackle the challenges we leveraged the use of customer churn models to predict churn rates and modify service offerings. A detailed churn analysis report revealed that the client needed to first redefine key metrics associated with customer churn to reduce attrition. By doing so, the client was able to set KPIs and better understand the long-term health of their business. Moreover, the ability to preempt and identify customer churn further delivered a 70% improvement in annual revenue.
This success story is a classic example of how churn analysis helped a client to adopt a data-driven approach to reduce customer churn. Request a free proposal to know more about our churn analytics solutions.
Quantzig’s customer churn analysis solutions helped the client to:
- Improve customer retention rate by 85%
- Set KPIs and better understand customer preferences
- Request a free demo to know how churn analysis can help you.
Quantzig’s customer churn analysis solutions offered predictive insights on:
- Delivering accurate insights to both the operational and executive teams
- Developing new programs aimed at minimizing customer churn
- A data-driven approach to forecasting customer churn can help you better understand the needs of your customers. Want to know how? Request for more information now!
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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