Grow customer relationships
Enhancing customer relationships is a top priority for executives. In financial services, for example, increasing share of wallet through cross-sell is a vital strategy for growth.
Cross-selling creates higher levels of customer engagement and lowers attrition, leading to more profitable relationships.
Many customers continue to hold key financial products, such as insurance, mortgages, auto loans and credit cards, outside of their primary bank. These and other products and services provide a significant financial incentive for banks to master cross-selling.
Traditional cross-selling approaches using basic segmentation and ad hoc campaigns are most effective within the first few months of acquiring a new customer, when the customer is establishing new usage patterns. In later months, event-driven analytic models are shown to perform best at identifying customer cross-sell needs.
Event-driven approaches produce higher conversion rates because they are more responsive to customer needs and more precisely identify moments of receptivity.
How can Experian help you to grow customer relationships?
PowerCurve Platform
With PowerCurve, you can unlock the value of your data empowering your decision makers to better predict customer behaviour, anticipate change, reduce risk and drive strategic decision-making.
PowerCurve Customer Management
With the ability to create a unique profile for every customer, PowerCurve™ Customer Management offers a deeper insight into the dynamics of your relationship with each customer.
PowerCurve Strategy Management
Combining advanced analytics and decisioning strategies, this powerful solution helps organisations drive higher performance with well targeted customer decisions, improving profitability.
Advanced Analytics & Consulting
With Advanced Analytics and Consulting, we combine best-in-class predictive analytics with global cross-industry consultancy to turn data into intelligence and deep business insight.
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