Analytical function to drive acquisition, retention & value management programsFractal builds the analytical function for a large Korean bank, enabling it to drive acquisition, retention & value management programs The Business challengeThe client's credit card division was facing increasing attrition rates, stagnant acquisition rates and declining spends per customer. The client wanted to improve its performance through optimization of its marketing strategies, processes and intelligence functions. The SolutionThe Fractal team conducted an "Analytical HealthCheck" to assess the bank's processes and skill sets to carry out CRM (Customer Relationship Management) initiatives. The HealthCheck engagement identified and analyzed the gaps in the current systems, processes and strategies of the credit card division when compared to established benchmarks. We then designed and implemented a revised marketing organizational structure that would support the analytical initiatives of the bank. At the completion of this engagement, key business areas requiring immediate attention were identified and the need for a continuous analytical support was established. We recommended a BOT (Build Operate Transfer) engagement to tackle all the challenges faced by the credit card division. This engagement consisted of:
An integral part of the engagement consisted of training and knowledge transfer for the above mentioned solutions, to build an in-house business intelligence team capable of handling the complete set of proactive and ad-hoc analytical activities independently. ResultFractal's "Analytical HealthCheck" and subsequent recommendations on marketing and acquisition strategies helped the bank yield higher return on marketing investment. The bank realized an increase in active portfolio growth rate and reduced attrition. The achievements included:
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