BSFI
Arresting Customer Attrition for a leading bank in India
93% Accuracy in Predicting Churn
93%
accuracy in predicting churn
8-15%
reduction in cost through contact avoidance
10%
of contacts deflected directly to IVR
11%
improvement in agent opportunity to provide complete info
Why the Client Loves nanoBi
- Predictive analytics capability optimized contact and channel mix.
- Enhanced customer behavior analysis for churn reduction.
- Automated issue resolution and voice analytics.
- Automated data acquisition.
93%
accuracy in predicting churn
8-15%
reduction in cost through contact avoidance
10%
of contacts deflected directly to IVR
11%
improvement in agent opportunity to provide complete info
Loved it? Ready to try nanoBI?
About the client
A leading private sector bank in India ranked third in the industry. The bank focuses on customer engagement and digital transformation to enhance service efficiency. With a strong presence in retail and corporate banking, the bank offers a wide range of financial products and services, including loans, deposits, wealth management, and digital banking solutions. Known for its customer-centric approach and commitment to innovation, the bank continuously invests in advanced technologies to enhance customer experience and operational efficiency.
Challenges Before nanoBI
- High churn rate of 17% of accounts before the project.
- Customers struggling to get issues resolved.
- Need for predictive modeling to improve customer retention.
- An inefficient contact mix leads to high service costs.
nanoBI Solution
- Implemented predictive analytics using CRM data and speech-to-text analysis.
- Developed a churn reduction model leveraging key variables like emotions, call durations, and login history.
- Optimized contact deflection strategy to automate query resolution.
How Things Have Changed
- With nanoBI’s predictive analytics in place, the bank has significantly improved its ability to identify and retain at-risk customers, achieving a 93% accuracy in churn prediction.
- Automated contact deflection strategies have reduced the cost of service by 8-15%, while 10% of customer queries are now resolved directly through IVR, minimizing the need for agent intervention.
- Additionally, smarter contact handling has led to an 11% improvement in agent efficiency, allowing them to focus on more complex issues.
- Overall, the bank has optimized its customer service operations, improved retention rates, and enhanced the customer experience through a data-driven approach.
