Create distinct customer segments
The bank wanted to gain a differentiated understanding of their customers based on how they use their bank accounts. Our tools made it easy to distinguish these particular groups and study their unique banking needs.
Understand bank account usage
We helped the bank understand the customers’ usage intentions for their checking accounts and identify specific and actionable themes from the customer feedback.
Recognize customer preferences
GroupSolver® uncovered customer preferences when opening a new checking account and the services that they expect from their bank.
Uncovering customer experiences to improve bank loyalty
Our client, a major bank in the U.S., wanted to understand what was stopping customers from using their checking account as a primary account and what needs were not being met. Our client wanted to understand more deeply the customer intentions, uses, and preferences that ultimately could lead to an active primary banking relationship. Here are the key questions we helped our client answer:
- What led customers to look for a new checking account and open one with our client’s bank?
- How are customers currently using their checking accounts?
- Is the checking account meeting the customers’ needs and if not, what needs are not being met?
- What can our client offer to their customers to increase checking account usage?
Our client was curious to discover differences in attitudes from specific customer segments and how that shaped the ultimate banking relationships they would develop. The segments were:
- Customers who opened a checking account but didn’t fund it
- Customers who funded a checking account, but it never became a primary banking relationship
- Customers who ultimately developed a primary banking relationship with the bank
- Customers who abandoned their primary banking relationship with the bank
- Understanding the customer experience journey using GroupSolver®’s intelligent study
Discovering the successes and challenges of our client’s checking account services
Having completed the study, our client could better understand how their checking account services were satisfying or dissatisfying their customers, what impact they had on customer retention, and the quality of their banking relationship. We found that when customers are looking for a checking account, having no fees or minimums was an important decision criterion. Most customers who were unhappy with their current bank usually left because of excessive fees.
Across all customer segments, respondents generally felt that our client’s checking account services met their needs. This was largely due to the convenience and low transaction costs. Our study also identified opportunities for improvement such as ATM availability and complex fund deposit process.
About the Client
Our client is a major bank operating out of the United States that specializes in credit cards, loans, banking, and savings accounts. They are dedicated to helping their 50+ million customers prosper.