How Can Financial Institutions Engage and Retain their Customers?

Financial institutions are continually looking for new ways to engage clients. As in developed markets, institutions in emerging markets turn to cross-selling to gain a larger share of the customer wallet, improve client retention and achieve higher financial returns. But selling multiple products to the same client may not actually deliver value or prove elusive, unless backed by hard data or deep understanding of the customer need. By better understanding customers through a combination of data analytics, behavioral research and demographic segmentation, providers may effectively target different segments in ways that are more cost effective for the providers and, ideally, more relevant for the customers. 

BFA and MetLife Foundation created OPTIX to support financial institutions in building better portfolios of products for their low income customers. OPTIX stands for Optimizing Performance Through Improved Cross(X)-Sell and is a three-year project supported by Metlife Foundation, managed by BFA and fiscally sponsored by Rockefeller Philanthropy Advisors.  OPTIX works directly with four financial institutions in in Mexico, Colombia, Vietnam and Bangladesh to develop strategic and tactical thinking that optimizes cross-selling strategies and builds better financial services portfolios for their low income customers. As a result, their customers will be able to actively using multiple products that are relevant to them and, ideally, become dedicated, life-long customers of the institution, which can better fulfill its customers’ financial needs. 


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