While segmenting customers around character patterns, it highlights the fact that traditional classifications are becoming increasingly irrelevant and agrees to the claim of banks not knowing their customers well enough. Instead, banks need to identify their top 5 most distinct character patterns that receive 360 degree perspectives on customers and thereby predicting their customers’ needs.
According to EY’s ‘How well do you know Your Customers?’ Report, basic segmentation prevailing at banks is not enough. Banks fail to have an in depth understanding of the customers because they are often categorized on traditional parameters instead of life stages, lifestyle, behaviors and attitudes.
