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.

overview of the clients needs
  • 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.

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