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Delighting Customers in a Competitive Market: Learn from Your ‘At-Bats’

Blog: Enterprise Decision Management Blog

Banks Delighting Customers

The theme of my blog series is how to win in an intensely competitive, increasingly digital environment. I’ve provided some simple suggestions for how banks can improve the effectiveness of their marketing campaigns and I’ve laid out some key questions for banks to think about as they modernize their origination processes.

Higher response rates in marketing + higher conversion rates in origination = problem solved, right?

Unfortunately, no. In baseball terms, you haven’t hit a homerun. Or even a single. You’ve just gotten to the plate. What determines your long-term success is what you do next.

Will you deliver on the value that you sold your new customers on during marketing and origination? Will you shape their day-to-day behaviors to maximize profitability and minimize risk? Will you retain the right customers and allow your competitors to poach the wrong ones? Will you increase wallet share without decreasing customer satisfaction or employee moral? Most importantly, will you learn from every ‘at-bat’ you have with your customers (positive and negative) and apply what you learn to improve your strategies moving forward?

Every bank engages in account management—facilitating customers’ routine usage of individual products. Few banks engage in what FICO calls customer management—constantly seeking to understand the ‘trajectory’ of your customers (across all products) and using that insight to fine tune each interaction you have with them and offer you make them.

However, with new customer acquisition costs spiraling out of control and nimble competitors trying to pick off profitable portions of your portfolios, there’s never been a more critical time to invest in customer management.

FICO is fortunate to work with some true market leaders in this area. Here are a few of the things we have learned along the way:

Implemented well, a customer management system—powered by advanced analytics—gives business executives a set of integrated controls for interacting with their existing customers in an intelligent, interconnected way. In today’s market, any full-service bank that isn’t investing in such a capability is putting themselves at a severe competitive disadvantage.

The post Delighting Customers in a Competitive Market: Learn from Your ‘At-Bats’ appeared first on FICO.

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