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The Real Reasons Why Customers Churn: Analyzing the Voice of the Customer in the Banking Industry
Attensity Webinar Series
With James Purchase, Senior Director of Industry Solutions, Attensity
#AttensityWebinar
About Attensity
10+ years of experience in Text Analytics/CEM
7 patents in natural language processing
500+ installations worldwide
World’s largest NLP development group
Help the world’s leading brands leverage
customer conversations as a business asset. No matter where they take place: social media • blogs • surveys • call center notes • review sites • emails • more
We Work with the World’s Leading Brands
BI Text Analytics VOC
SCRM
Banking Industry Challenges
Concerns about higher fees:
New Checking Fees for certain customer segments
Debit card charges and restrictions
Monthly charges for paper statements and in-person customer service
Higher credit card fees
Fees for canceled check images
Overdraft protection $10 per transfer to use a savings account
New or increased ATM fees for non-customers
Reduction or cancellation of Reward Programs
Banking Industry Challenges
Mergers & Acquisitions are creating customer experience issues:
Automated deposit, payment, and transfer issues
Relationship Banking issues due to account linkage problems that can cause recurring nuisance fees, increased prices, and loss of relationship services (such as free deposit box)
Customer service issues related to the acquisition of credit card and mortgage lines of business and to severance of outsourced providers
Media Reports, and Banks Anticipate, Customer Churn as a Result
After raising fees, Chase estimated that 15% of its customers will no longer be able to qualify for free checking.
“Based on current attrition rates, we expect 50% to 60% of these customers to leave Chase within the next year” Chase investors’ day presentation, 2/15/11
But, is it Really True?
Another survey by J. D. Powers and Associates, found that customers were switching banks based mainly on advertising, convenience and customer experience rather than fees or interest rates!
To Find Out, Go to the Source: Customer Conversations
@jane: “ABC Bank’s fees are too high. Thinking of making a switch.”
“I’m interested in a savings account linked to my checking account, can you send me details?”
“I can’t access my account on your web site.”
“The branch location is convenient, but the lines are too long and there are too few tellers.”
Jon Smith: “Evaluating USA Bank versus National credit union, anyone have a recommendation?”
But, How Do You Mine Customer Conversations for Business Value?
The BIG DATA wave Driven by online conversations, Social Media, Mobile Apps
100 Million: Tweets per day
247 Billion: Emails per day
500 Million: Facebook users
126 Million: Blogs
1.97 Billion: Internet users worldwide
5 Trillion: SMS messages annually
Millions of CRM Records
100s of Millions of Survey Verbatims
A Business Process Based Methodology
By Listening, Analyzing, Relating and Acting on multi-channel customer conversations
ATTENSITY CUSTOMER EXPERIENCE MANAGEMENT SUITE
What is Attensity’s CEM solution and how can it help the Banking industry address these complex Challenges & Perspectives?
Attensity: Retail Banking Solution for CEM
World-class platform for customer analytics and response
Multi-channel: leverage conversations from both Internal and External sources
Built for massive scale: 75+ Million Sources, 16 languages
Integrates with existing systems: CRM, Call Center, ERP, BI, Email, etc.
Sharepoint ERP CRM Surveys social Documents
Email Text
Banking Dictionary
Banking Taxonomy
Customer Conversation Sources
Semantic Layer
Business Process Layer
Banking Workflows
Reports, Dashboards, Alerts & Response
Banking Reports/Dashboards/Alerts Banking Routing/Queues
Analyze Respond
Attensity V6.0 Retail Banking Demo: Internal & External Data Sources
Companies without Social Media strategies may see a larger percentage of Non-Sentiment
Customer Satisfaction surveys may need to be redesigned to reflect lack of
feedback…!
We can drill into records to get more information about how any given record was categorized. We can also categorize
“on-the-fly”…
By dragging and dropping we can categorize “on-the-fly” without
“reprocessing data to reflect new rules”
Following Six Sigma methodology we can set up a Upper Natural Process
Limit alert trigger
Any report(s) contained within a dashboard can be set up as an alert!
This is a visuaization (using dummy data) of what a UNPL threshold
might look like…
UNPL Alert output…
“Long Waits” are more likely to characterize Bank Of America then Chase
Attensity’s detailed categorization will get to the heart of the issue and can provide
significantly more detail than a manually coded categorization system…
A brief glance at Complaints across this survey for Q4 2010 would indicate the majority of the
complaints are aimed at the Website…
Our Tag Cloud visually represents the more detailed Issues particularly around the
Website being “slow” and “hard to access”
Questions for James?
5/9/2012 26
Upcoming & Archived Webinars
http://bit.ly/Attensity_Webinars
Contact Attensity
Contact: [email protected]
www.attensity.com Toll Free: (800) 721-0560 Email: [email protected] Follow us on Twitter: @Attensity http://twitter.com/attensity Attensity in 2 minutes on YouTube http://bit.ly/attensityrespond
![Customers Churn Prediction using Artificial Neural ... · devising of churn policy [16] is depicted in Fig. 2. Fig. 2. The Six Steps for Customer Churn Prediction. Churn prediction](https://static.documents.pub/doc/80x56/5e71a26fb4acff71e10cc1fe/customers-churn-prediction-using-artificial-neural-devising-of-churn-policy.jpg)
