Financial companies want to retain high-value customers, so it’s important to take the right actions to increase cross-selling, retention and marginality.
For example, being able to cross-check an actual value with an analytics-driven estimate of potential value for each customer is an added value for sales, marketing and CRM departments. This insight allows them to more effectively address loyalty, cross and upselling actions.
CRM managers often have an inadequate understanding of customer value, because the segmentation is usually based only on current financial assets. Furthermore, segmentation is usually updated only once a year, while customers change more often.
Accenture’s customer potential application allows users to analyze actual and potential value for the customer base, exploiting customers that are not expressing their full potential, in an effort to drive marketing and sales actions.