Case Study: FinTech
“Love it or hate it” products might have a loyal following… but what should you do about the customers you’re losing?
the problem
A top fintech company offers a financial services platform for advisors, and it was getting mixed reviews in their annual loyalty and satisfaction survey. Some advisors loved it—but others were hanging on by a thread. The company wanted to understand why.
Why do some customers love the platform? Why do others jump ship? What needs to change to keep dissatisfied customers from leaving?
The company needed to be thoughtful about product optimization, making changes that would please their defectors without jeopardizing the satisfaction of their most loyal customers, who were already happy with the platform.
The Solution
Our versatile tool can be DIY or DIFM, depending on your preference. In this case, the client wanted to dig into the data themselves, and they used Bellomy Text Analytics to explore customer responses to the satisfaction and loyalty survey.
- They created custom topics, focusing on keywords that were specific to the platform
- They looked at the impact of each topic to see what was really driving satisfaction up or down
- They did a deep dive into specific segments, using filters to see differences between loyalists and defectors
The Results
Bellomy Text Analytics was right on the money: the deep-dive results told a story that made perfect sense and explained the gap between lovers and haters of the platform.
- Our client identified which factors were most influential in driving customer satisfaction up or down
- They compared satisfaction drivers for loyalists and defectors, pinpointing what inspired the conflicting reactions
- They used those insights to inform their next steps
One of the things that loyalists loved about the platform was the same thing driving defectors away.
In the filtered analysis, we found that loyalists were highly satisfied with the comprehensiveness of the platform and found it easy to use. Interestingly enough, defectors found the platform hard to use and not user-friendly. Comprehensiveness may have been a feature for some customers, but it was a bug for others—some advisors just don’t need all the bells and whistles.
Bellomy Text Analytics revealed that a one-size-fits-all approach was not the way to go with this financial services platform. Based on the findings, we recommended that the company develop a “lite” version of the tool for those who needed a more streamlined, less comprehensive solution—and that’s exactly what they did.
Are you losing customers on an otherwise popular product and want to understand why?
Bellomy Text Analytics can define what is driving satisfaction up or down for specific segments, helping you make product improvements that will lower defection without alienating your core customer base.