Customer Segmentation

A customer segmentation approach can vary widely and usually is based on the organization’s business model and priorities. Segments can be quantitative, such as by age and gender, or qualitative, such as separation by values and interests. The maximum value is obtained when banks merge both types of data to better understand the wants and needs of their customer segments, allowing them to offer the right product or service at the right time.

Carefully analyzing such a high volume of customer data can be challenging. By using Paques, retail banks can easily capture data such as spending habits, frequency, and capacity, and then use this information, as a sample, to identify the most appropriate time to make a loan offer. In turn, this targeted action improves the likelihood of retail banks earning increased revenue through customer loans.