Supporting strategic growth targets by optimising customer onboarding
BSG combined customer experience design techniques and data analytics to assist a leading South African retail bank to optimise its customer onboarding process in support of strategic goals relating to customer profitability growth.
The number of customers entering the sales onboarding process was significantly higher than the number of customers contributing to profit within 12 months of onboarding, indicating a high drop-off rate
The significant drop-off was impacting the bank’s ability to meet its targets
Enable the bank to understand why customers were not becoming entrenched through their onboarding process
Determine the reasons for the drop-off through using customer experience design techniques such as interviews, observation and persona generation and data analytics
Based on the issues uncovered, the client requested pragmatic short- and long-term project recommendations to address the issues and reduce drop-off rate
Through an improved drop-off rate, the client will be able to on-board and entrench more profitable customers in the first 12 months, post-sale
A higher number of main-banked customers will drive the client’s growth and revenue targets
BSG identified the reasons for customer drop-off and developed short- and long-term recommendations to support the client in meeting the strategic growth and revenue targets.