Client Profile

The client is a leading global provider of information management and electronic commerce systems for the financial services industry. Renowned for their innovative solutions, they cater to a broad spectrum of financial institutions worldwide, delivering critical systems that enhance information management and streamline electronic transactions.

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Challenge

Despite being a global provider of information management and electronic commerce systems for the financial services industry, the client faced significant challenges in efficiently identifying incremental and complementary digital service offerings preferred by online consumers. Manual data integration and analysis were employed, leading to delays in identification of optimal service bundles and reducing the accuracy of insights. Also, increased operational costs and scalability issues exacerbated inefficiencies and reduced competitiveness.

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Solution

Biobrain facilitated the identification of the most preferred digital service offerings for online banking customers through MaxDiff analysis. By collaborating with the client to define relevant service attributes and generate multiple MaxDiff sets, Biobrain enabled respondents to choose their most and least preferred options. Leveraging its extensive, global panel and advanced data analytics, Biobrain revealed the attributes most valued by online consumers and identified the optimal service bundle, empowering the client with data-driven insights for informed decision-making.

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The MaxDiff Approach to Streamlining Online Banking Services

• Leveraged ML Algorithms to reduce manual efforts in time-consuming coding tasks like survey programming, sentiment analysis, topic modelling and thematic categorization
• Developed tailored automation scripts to expedite and streamline the data processing workflow viz a viz data collection, validation, tabulation, and analysis.
• Collaborated with the client to identify a set of potential digital service offerings relevant to online banking customers, aiming for 8-12 attributes to avoid overwhelming respondents
• Generated multiple MaxDiff sets for respondents to choose most and least preferred options
• Implemented surveys across a sample audience using online banking services, selected from a verified, deeply profiled global panel spanning 50+ countries according to clients’ qualification criteria
• Employed Biobrain’s AI-powered data analytics to reveal attributes preferred by online consumers and identify the optimal bundle

Outcome

The implementation of Biobrain's MROps framework, coupled with MaxDiff analysis, yielded a wealth of positive outcomes for the client.

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Boosting Customer Acquisition and Retention

• Granular understanding empowered the client to prioritize development efforts on high-impact features that drive customer satisfaction and loyalty.
• Created more attractive and competitive service bundles, boosting customer acquisition and retention, giving the client a competitive edge.

Increased Operational Efficiency by 4x

• Automation of data integration, analysis, and client onboarding processes led to a staggering 60% cost saving.
• Streamlined data handling and workflow, allowing the client to focus on core business activities.

Provided Future-Proof, Scalable Solutions

• Facilitated efficient handling of larger data volumes, allowing the client to scale their operations smoothly
• Eliminated manual process bottlenecks and enabled the client to expand their market reach without limitations

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Conclusion

BioBrain’s deployment of MaxDiff analysis provided the client with powerful tools to enhance consumer insights, optimize service bundles, and improve decision-making processes. The operational efficiencies gained through advanced analytics and automation resulted in cost savings and scalability, while the overall strategic advantages strengthened the client’s market position and customer satisfaction. These outcomes collectively contributed to the client's success and growth in the competitive financial services industry.