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edX

Customer Lifetime Value for Financial Services

State Bank of India via edX

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Overview

Customer Lifetime Value is one of the key parameters to achieve positive customer experience that leads to loyalty and advocacy. It is a measurement of how valuable a customer is to the company, not just on a transactional basis but across the entire relationship. For Financial Services today, it is one of the significant metrics with the highest correlation to long-term profitability.

Understanding the CLV enables firms to establish strategies for acquiring new consumers and retaining existing ones while maintaining profit margins.

The course endeavours to comprehend and simplify the concept of Customer Lifetime Value for financial services institutions aiming to sustain customer retention and profitability.

Syllabus

The course is structured in 5 Weeks.

Week 1 :Customer Lifetime Value (CLV) - Concepts

Concept of CLV and its importance in business, Moving beyond Customer Relationship Management: Expanding the scope of CLV, The impact of Customer Relationship and Customer Experience on CLV, The need for measuring CLV.

Week 2 : Financial Services and Customer Lifetime Value

Significance of CLV in financial services, Benefit for financial services using CLV for customer acquisition, retention and profitability. CLV and Retail Banking, Factors that impact CLV, Key challenges and considerations in implementing CLV in financial services.

Week 3 : Analyzing Customer Behaviour and Metrics for CLV Optimization in Financial Services

Customer behaviour analysis for CLV determination, Methods of collecting and interpreting customer data, Identifying key metrics and analyzing customer segments for CLV optimization.

Week 4 : Strategies for Improving CLV in Financial Services

Strategies to enhance CLV at various stages of the customer journey, Effective retention techniques to increase customer loyalty and lifetime value, Cross-selling and upselling approaches to maximize CLV, Nurturing customer relationships and providing exceptional customer service for CLV optimization

Week 5 : Measuring, Monitoring, and Utilizing CLV Analytics in Financial Services

Measuring and tracking CLV over time, Methods and tools for CLV measurement, Use of CLV analytics to make data-driven decisions and drive business growth, Analyzing CLV trends and patterns to identify growth opportunities in financial services.

Taught by

Dr. Bindu K. Nambiar, Ms. Manushi and Krishnan Divakaran

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