The global remittance market is massive; according to The World Bank, global remittances reached $689 billion in 2018. As a leader in the Latin American money transfer market, one company had been assisting people with sending funds to friends and relatives for over 20 years. But with the emergence of various new avenues of remittance, such as social media and FinTech startups, traditional brick-and-mortar outfits need to find new ways to maintain relationships with existing clientele and to attract new ones.
With hundreds of retail stores and thousands of retail agent partners spread across multiple continents, the company had amassed an impressive list of over four million customer contacts. However, maintaining communication with these contacts proved to be a challenge due to outdated, inaccurate, and conflicting information: Names, phone numbers, home addresses, and email addresses change often for various reasons, such as marriage or moving.
With plenty of contacts but no surefire method to confirm the accuracy of the information, the company was in a bind. It enlisted BlueGranite with the goal of creating a master list of verified contact information for each customer. This list would put its client retention efforts back on track.
BlueGranite’s first step was to compile information from the company’s three point-of-sale systems and standardize, correct and corroborate the data. Finding many duplicate contacts within the system, BlueGranite then merged the duplicates into a single contact using fuzzy matching techniques.
Once the records were matched, BlueGranite created a golden record with survivorship rules to ensure retention of the best representative customer data. The final product was a Master Data Service for long-term storage, review, and integration into the company’s data and analytics solutions.
Additionally, BlueGranite enabled a robust set of customer analyses, including:
Customer churn analytics: BlueGranite helped categorize the business’ customers into “New,” Lost”, “Returning,” and “Loyal” by analyzing its clientele over different time horizons (e.g., 90- or 360-day window). Such effort allowed the client to determine which relationships had ended and when, thus gaining insights into its customer acquisition and retention strategies.
Customer lifetime value analytics: BlueGranite also helped the company set up analyses to determine its customers’ lifetime value through the number of customers over time, the average transaction amount of each customer and the average time a customer remained a customer. These analyses enabled the client to determine the average value each of its customers had, effectively helping them assess the value of its customer base and business.
Lastly, BlueGranite created data visualization and additional end-user
analyses by deploying Power BI. We taught the users the ins and outs of self-service BI, including best practices. Users are now able to track customer activities across various segmentations such as business type, geography and banks transacted to enhance the organization’s customer retention programs.
Thanks to its partnership with BlueGranite, the company now:
Are you working with outdated and conflicting data? Let BlueGranite, a data and analytics leader, help you find the path to a single source of truth. Contact us today.