A major UK bank was looking to improve its customer loyalty. It was already using the latest analytical tools including social listening, sentiment analysis and a large data science team but they were experiencing limitations and not making enough progress.
The bank was keen to find more opportunities to improve customer loyalty and reduce their operational costs by gaining more customer insight. They were also interested to see what online feedback their main competitors were receiving.
The bank invited Warwick Analytics, specialists in AI text analytics, to carry out analysis using their automated text analytics platform PrediCX.
Some key outcomes from the analysis included:
• £200m per annum of churn mitigation was identified through operational opportunities
• £240m per annum of churn mitigation was identified through CX opportunities
• Customer Service savings opportunities of £20m per annum through automation
• Ongoing tactical opportunities identified for marketing effectiveness and propensity
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