To maximize the ROI of transformations, we have helped enterprises to innovate their business models, products, and services to generate breakthrough results, including revenue, profit, market share, customer acquisition & retention, and employee engagement.
To enhance the success rate of transformations, we have developed the best practices of Design Thinking and innovation management for six industries: aviation, banking, hotel, insurance, retail, and OEM.
Summary of our successful case of a bank:
- Industry & Background of Enterprise
- Business Challenges and Challenge Statement of Project
- Project Scope
- Transformation Strategies and Business Results
Background of client:
A Fortune 500 bank in Hong Kong
The usual tactic for banks to allure new customers from their competitors is offering short-term high-interest rate for saving deposits.
However, nearly all these “reward seekers” withdraw their deposit once the interest rate returns to normal. That means the customer retention rate of these acquired customers is close to zero.
Challenge Statement of the Transformation Project:
How to create a wonderful and iconic experience for retaining high-end customers
Types of Transformations:
Digital transformation and Service transformation
Duration of Project:
Strategies for Transforming Business & Resolving Challenges
We transformed the reward seekers to wealth seekers by offering elite support to meet their financial challenges when they need them most. These customers have learned to value these privileges far more than high-interest rates.
Key Performance Indicator(s) of the Project:
- Customer retention rate
- Volume of bank deposits
Breakthrough Business Results
The customer retention rate grew to double digits, which means our design thinking strategy had helped to retain over billions of dollars of deposits and investments in the bank.