- Upcoming Presentations
- Growing the Wealth Business in Retail Banking
- Reimagining Retail Banking
- Tilting Point in Multi-Channel Strategy
- Novantas, Inc. Names Darryl Demos General Manager of Solutions, Expands Offering of Integrated Technology and Insights
- Big Bang: Customer-Centricity Comes Faster
- Novantas Demonstrates Commitment to the Community and Environment
- The Rise of the Virtually Domiciled
Products & Services
Today’s competitive banking environment has dramatically increased the importance of identifying distinct customer segments, assessing the absolute and relative attractiveness of each, deciding top priority targets and aligning the bank’s resources to define and deliver distinctive value to these segments.
A unique aspect of our segmentation work is the intense focus on both the development of segmentation schemes and strategic insights as well as implementation to achieve real impact. Novantas’ approach to segmentation differs from traditional approaches in four ways:
- Wide-angle view of the customer. We integrate disparate data elements across dimensions of motivation, perception, attitude, behavior (both observed and self-stated) and demographics
- Analytic “lens” customized to fit our client’s situation and objectives. Since every bank is different (e.g., size, footprint, level of analytic expertise, etc.), our approach varies from client to client. We adjust our segmentation solutions to best fit the client needs, and choose from three primary segmentation schema: demographic, behavioral and attitudinal. Product innovation typically requires an attitudinal segmentation lens, while tactical share of wallet / retention programs require a behavioral lens.
- Pre-existing segmentation schemes are leveraged. We leverage existing segmentation schemes as much as possible to make full use of existing insights. In some cases, we may find that existing segmentation schemes, although insightful, cannot be implemented effectively; in such cases, a new segmentation methodology and approach may be required.
- Explicit link between attitudes and behaviors. We use choice modeling and proprietary tagging algorithms to ensure reliable and predictive insight into the needs and attitudes associated with behavior patterns.
Our solutions are hand crafted to balance analytical purity with “actionability” to ensure the resultant segmentation delivers superior results.