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Use Case

Bank Y uses Terragon CDP to detect the churn in its digital banking channels.

Name of Client

Leading Nigerian Brand

Business Need

The bank experienced significant churn on its digital banking channels, bringing down the transaction volumes expected. There was a need to validate that the dormant customers responsible for the churn were not fake accounts, also to understand their behavioural profiles in order to win them back.

Project Objectives

  • To enrich the dormant customers’ data through 3rd party sources and validate that they are real people actively transacting everywhere else.
  • To score and segment them into various befitting loans and product tiers.
  • To engage and reactivate the validated customers on the bank’s channels.

Approach (step by step)

  • The bank’s customer data was ingested by the CDP, with a unique ID per customer.
  • Each customer’s ID was unified with their matching profile on the CDP.
  • This data unification process was used to clean the bank’s database and sieve out the invalid profiles and fake accounts.
  • Demographic, Technographic and Psychographic data points were generated for each validated customer.
  • Each customer was segmented based on the insights gathered from the data points generated.
  • Each segment was analyzed and matched with a specific Welcome Back reward.
  • Personalized messages were then pushed to each segment to drive account reactivation.

Results/Outcomes

  • 67% of the dormant customers were validated as “actively transacting”.
  • Over 20 key data points were generated per customer.
  • Marketing cost was saved on the invalid accounts.
  • 2% of the valid accounts were reactivated with Welcome Back offers.
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