How do you effectively and efficiently cater to your many customers in a way that aligns with your business objectives if most of their data is unavailable or unusable? Bank Penny is a mid-size bank that’s having trouble making effective segmentations within its customer base, which is resulting in lost revenue and unhappy customers. The bank has tried to segment its portfolio before, but ended up losing money because it failed to take all the relevant factors into account. Bank Penny needs a digital solution that helps improve its market segmentation process so it can increase customer satisfaction and retention. Market segmentation (also referred to as “customer segmentation”) is an approach that involves dividing a large and diverse market into smaller groups of related functions that are similar in certain ways and relevant to the marketing of a bank’s products and services.1 There are several challenges when it comes to segmentation, including:
- Lack of data
- Bad data quality
- Segmentations that don’t align with business goals
However, all of these issues can be addressed by utilizing FICO® Customer Score to drive the market segmentation process.
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