Complaint Management and Credit Card Churn Prevention through Social Media Analytics

Industry: Banking

Introduction

The client is one of the largest banks in Southeast Asia. They have more than 1700 branches spread across 3 time zones.

Our clients wanted to reduce customer churn for their credit card product by detecting customers who are likely to cancel their subscriptions. They have a large social media following and were receiving a lot of complains, most of which were getting lost, causing dissatisfaction among their customers.

Project journey

The client’s social media properties needed to be tracked to find out actionable insights from social conversations.

Objective:

The objective was to understand how different social media campaigns and regular business aspects are being perceived by social consumers.

Approach:

Abzooba’s Unified Customer Experience Management Suite, XpressoInsightsTM was used to find out –

  • Critical aspects of the client’s Business
  • Customer Sentiment (Positive/Negative/Neutral) for each feedback
  • Statement Type (Advocacy/Complaint/Suggestion/Opinion) for each feedback

Findings:

Business benefits:

With this implementation, client has benefited with the following:

  • They achieved a 100% complaint response rate, which was less than 60% previously.
  • A 32% increase in positive customer sentiments was observed over a period.
  • More than 90% accuracy in identification of Aspect-Sentiment-Statement type.
  • Drill down reports and actionable customer insights.