The Business Challenge
Our client's credit card division was facing stagnant acquisition rates, increasing attrition rates, and declining spends per customer. In order to improve performance, the client needed to reassess their marketing strategies, processes, and intelligence functions.
Fractal's analytics team conducted an Analytical HealthCheck to assess the bank's processes and skill sets to carry out CRM (Customer Relationship Management) initiatives. This engagement analyzed and identified gaps in the current systems, processes, and strategies for the credit card division compared to established benchmarks. We then designed and implemented a revised marketing organizational structure that would support the analytical initiatives of the bank.
After completing the HealthCheck, key business areas requiring immediate attention were identified and the need for continuous analytical support was established. Next, our consultants recommended a BOT (Build, Operate and Transfer) engagement to tackle all the challenges faced by the credit card division, including:
An integral part of the engagement consisted of training and transferring knowledge for the new solutions to an in-house business intelligence team, so that they will be capable of handling the complete set of proactive and ad-hoc analytical activities independently.
Fractal's Analytical HealthCheck and subsequent recommendations on marketing and acquisition strategies helped the bank yield a higher return on marketing investment. The bank realized an increase in active portfolio growth rate and reduced attrition.
These achievements included: