Customer-Centric Digital Banking

Situation

A Fortune 50 global bank sought to enhance customer interactions and accelerate the shift from offline to online channels to remain competitive in the face of fintech innovations due to a lack of understanding of the changing trends in the sector and their customers’ expectations.

Challenge

The bank needed a comprehensive strategy to redefine the consumer journey, improve customer loyalty, and compete effectively against both traditional banks and fintech disruptors.

Approach

Mu Sigma partnered with 15 business leaders across the bank’s operations to craft a strategic analytical roadmap leveraging our Art of Problem Solving System framework.

Key Actions:

1. Data Governance and Opportunity Identification
   • Established a data governance framework to unify decision-making and deepen insights into customer pain points.
   • Used muUniverse to identify 150 potential problem areas, prioritizing 14 pivotal outcomes for customer experience enhancement.
2. Advanced Analytical Tools
   • Designed an NPS Dashboard for actionable insights into customer loyalty.
   • Built a Product Recommendation Tool based on user behavior to drive personalized engagement.
   • Implemented an Image Processing Engine to assess and improve ad effectiveness.
   • Analyzed Twitter and other social media data to measure brand perception and customer grievances.
3. Digital Channel Optimization
   • Analyzed drop-off reasons on the bank’s website to develop strategies that reduced customer churn.
   • Identified opportunities in 9.3M customer interactions, enabling cost-effective channel redirection and optimized branch strategies.

Impact

• $100M in potential savings, driving operational efficiency.
• 500% increase in Click-Through Rates (CTR), improving engagement (from 0.25% to 1.5%).
• 15% reduction in website drop-offs, enhancing customer retention and satisfaction.