Identifying High-Value Customers in Retail Banking
Top banks hold only a 32% market share of the global wealth management market, losing ground to traditional asset management firms and independent advisors.
Despite this, many wealthy customers continue to use retail banking for daily transactions, presenting an opportunity for banks to expand their high-net-worth client base by identifying high-potential customers within their existing portfolios.
However, most financial institutions fail to do so, often due to unsophisticated segmentation models or a lack of targeting within their own portfolios, resulting in missed revenue opportunities worth tens of millions.
Daryn Kalym tackled this challenge by analyzing customer profiles from a big data perspective in highly dynamic retail banking markets.
Author's summary: Banks can boost revenue by identifying high-potential customers.
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