Segmentation and Analysis
The concept of segmentation can be vague and daunting to many banks. Much of the reason behind this is due overcomplicated programs with ambiguous levels of measurement for success.
At its core, segmentation has always existed in banking – it was just done reactively rather than proactively. Broadly stated, segmentation programs help banks meet one of three objectives:
- Gain a better understanding of your existing customers and their relationship with you
- Assist in identifying the next best product for a customer or customer for a product
- Deliver deeper insights into how your customers behave and interact with your products
For BKM, the discipline of segmentation begins with a definition of success - we work closely with our clients to clearly define this and follow best practices to ensure what is applied is measureable. Contact us to discuss how we can help develop a successful segmentation program for your bank.