Enhancing Customer Retention in Banking: Coforge’s strategic approach to Financial Services
Overview.
A leading financial services firm sought to modernize their operations and enhance customer experiences. Faced with outdated processes, fragmented customer journeys, and inefficient loan origination, they partnered with Coforge to drive transformation. By leveraging Pega's powerful platform, we streamlined their operations, improved customer retention, and unlocked new growth opportunities. Explore this case study to learn how we helped them overcome their business challenges and achieve significant results.
Embarking on the journey of financial services, our client faced following challenges:
Minimal Straight Through Processing (STP) capabilities, causing travelers to frequently stop and ask for directions.
Legacy client data, difficult to read and navigate.
The complex maze of Loan Origination is a challenging path for many to follow.
The absence of signposts for customer retention, leaving travelers uncertain of their next steps.
A lack of consistent pathways, with customers craving a seamless omni-channel experience.
Solution.
A redesigned route optimizing the end-to-end retention process, ensuring that each traveler had a personalized compass to guide them.
Utilizing Pega Customer Decision Hub™ and Pega Marketing as the stars to navigate by, offering predictive and adaptive modelling for continuous learning. Campaigns were tailored to guide retention-eligible customers along the right paths.
An overhaul on the Loan & Insurance Origination journey and “Customer In-Life Space,” leveraging advanced navigational tools to ensure a smoother expedition.
The impact.
60K
Daily Leads
35%
Improved Retention
The journey led to discoveries of untapped potential and newfound efficiencies:
The Pega Platform™ became the sextant, utilizing various data sources to chart the ‘Next Best Action’ for retention opportunities.
An intelligent and efficient platform emerged, guiding the organization toward its sales targets and fostering growth.
The expedition revealed significant landmarks:
Communication signals boosted to leads per day, ensuring messages reached far and wide.
An increase in the success rate of the retention process, marking a trail of triumphs across the financial landscape
