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Growing Revenue by Aligning Customers with the Right Service Level

Bank Uses WealthComplete to Increase Revenue by Over $700 Million
By incorporating IXI’s asset data into their customer alignment process, firms can uncover new opportunities to grow AUM and increase customer satisfaction, while at the same time avoiding over-servicing customers with low growth potential.
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Challenge

A leading U.S. bank wanted to better understand its customers and ensure they were assigned to the right service channel in order to maximize revenue. Like many firms, the bank had traditionally placed customers into various service channels based on internal and demographic data. However, because the bank was not considering the growth potential of its customers, some customers that were currently assigned to the mass market service channel in fact had significant asset growth potential, resulting in lost opportunities for the firm.

Solution

In order to gain a more complete view of its customers and improve customer service, the bank worked with IXI to assess the asset and deposit growth potential of its customers. IXI’s WealthComplete provides estimates of total assets at the household level, as well as estimates of the total assets held in a variety of product categories, including deposits.

Using WealthComplete, the bank:

  • Identified customers that are likely to be affluent
  • Found customers with significant growth potential

Customers who were likely to be affluent or who had significant growth potential were placed in the premium, high-touch service channel. The other customers remained at the standard service level.

Results

By enhancing the data used in its customer service channel alignment process, the bank was able to:

  • Increase revenue by over $700 million
  • Reverse its negative revenue trend from -0.5% to an impressive gain in revenue growth of over 1.7% in a four month period
  • Reassign 17% of its existing customers to a premium service channel
  • Raise the balance of realigned customers with the bank by an average of over $1,200

Results from Customer Service Level Reassignments
Results from Customer Service Level Reassignments

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