Project Objective: To enhance the customer retention rate of supreme customers by creating innovative and effective customer experiences
Background of Client:A Fortune 500 banking company in Hong Kong
Staff Involved: Middle to senior management from different core business units
Service Scope: Diagnose, Design, Determine and Develop stages of Customer-Centered Innovation Method
The retention rate of new supreme customers dropped this year. After further investigation, management found that the majority of lost customers belonged to the reward seeker category. The major motivation for such customers to open accounts had been to gain short-term privileges (e.g., higher interest rates and special welcome gifts) within the first few months. These customers closed their bank accounts immediately after the privilege period finished.
In the banking industry, this situation is very common and the majority of banks waste a lot of resources serving reward seekers. To achieve breakthrough business results, management wanted to develop innovative strategies for transforming reward seekers into wealth solution seekers in short periods of time.
In the initial stage, we studied a lot of service practices in the Hong Kong market and developed a very detailed customer journey map with our client. In addition, some of the company’s existing customers’ major moments-of-truth and pain points were identified. We also analyzed the effectiveness of past customer retention and rewards schemes.
In the middle stage, we delivered a highly customized training workshop to inspire staff to develop as many innovative and effective solutions for minimizing pain points and maximizing moments-of-truth as they could.
In the final stage, we consolidated all of their innovative initiatives into different categories and provided some practical tools to help them execute those initiatives.
<<< Client Results >>>
Over 50 innovative initiatives of customer experience enhancement were developed. Some of the selected initiatives were chosen for implementation in the near future.
Track Record of InnoEdge Think Tank
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