A banking major reduced user churn using Clootrack’s AI-powered engine

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Industry

Banking

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Business Type

B2C

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Headquarters

India

Background

Being a prominent player in the banking industry, Bank X consistently conducts NPS surveys across different touchpoints and deals with a monthly flood of over 60,000 customer responses in various formats. These responses come through a range of channels, such as NPS, email, chatbot, Appstore, and the website. While the bank has a system in place to address every query within a specific time frame, it has faced several challenges along the way.

Bank X aimed to identify key customer priorities on a broader scale, leverage data-driven insights to synchronize different departments, promote collaborative efforts across teams to enhance the overall customer experience, and ultimately increase customer engagement and retention.

Major obstacles

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Before discovering Clootrack, Bank X faced several critical issues. They struggled to synchronize efforts across key departments like customer care, operations, and marketing. NPS scores lacked actionable insights into customer behavior and journeys, forcing departments to rely on fragmented information and gut feelings for decision-making. Additionally, their CX initiatives were more retrospective workarounds than identifying and fixing the root causes.

Rewarding solution

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To address its issues, Bank X turned to Clootrack for comprehensive customer insights. Clootrack gathered reviews, feedback, CRM tickets, and NPS survey responses from diverse channels. Analyzing this data, Clootrack uncovered patterns and common themes, revealing internal issues and top customer priorities. The insights highlighted key customer preferences for products, services, and experiences, guiding pivotal business decisions and customized operational strategies. Additionally, Clootrack provided a unified view of customer priorities across different channels and segments, helping Bank X understand and address what matters most to their customers.

Promising result

Here is what the customer insights team of Bank X says about Clootrack, “There are many aspects which we know as issues. There are some issues only some people know in the company. There are some issues which no one knows in the company.

Clootrack is able to bring out these, if it matters to customers.”

Bank X made changes according to Clootrack insights, resulting in increased customer engagement and reduced churn.

Month-1 (1)

Clootrack's analysis identified 'Mobile Banking' and 'UPI Payment to Fund' as top priorities based on customer conversations.

Despite having strong branding and catchy slogans, actual actionable efforts to enhance the bank mobile app were lacking.

  • Customer feedback emphasized the need for specific improvements in the mobile banking app, leading Bank X to prioritize enhancements.
  • Utilizing insights from Clootrack, critical areas for improvement were identified, enhancing the customer experience.

Similarly, 'UPI Payment to Fund' emerged as a top priority after being highlighted by Clootrack's findings. 9% of their Savings Bank customers could not load money to their accounts due to this issue, which resulted in significant churn.

By fixing these, customer engagement was brought up within a quarter and reduced churn.

Month-2

Customer feedback unveiled Complaint Resolution as the top priority, a significant shift from the previous month's priorities. Despite its importance, the bank postponed addressing this due to operational constraints.

Instead, the focus was on improving Charges and Account Opening processes to enhance the overall customer experience.

Previously, the team concentrated on refining the Mobile Banking service, leading to a more streamlined and efficient platform, ultimately resulting in improved customer satisfaction. The results of this hard work were evident as it came down to be the 5th priority from the 1st priority in the previous month.

The brand identified categories where opportunities were present whenever they appeared.

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A notable shift occurred as 'Interest Rate' took precedence as the customers' top priority.

This change was triggered by the bank's recent adjustment in interest rates, impacting customers due to the institution's reputation for providing competitive rates.

Addressing the Charges and Account Opening procedures received increased focus and action, leading to enhanced customer satisfaction and longer customer retention.

Clootrack enabled the brand to take action on these at a rapid pace powered by complete buy-in from all stakeholders!

Discover how you can drive impact beyond just tracking CX scores