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PiggyBank* knew the relative economic position of its customers, but didn't know how to use this knowledge to improve the bottom line.
PiggyBank had seen a recent decline in performance. Its executives wanted to improve profitability through better customer management.
Historically, the bank had treated customers either equally or based on relative economic position, assuming wealthier clients were more profitable.
Bain was asked to help PiggyBank refine its approach to customers and improve its value proposition.
Investigating customers and benchmarking the industry pointed the way to solutions.
For the highest-value clients, Bain recommended that PiggyBank create a special value proposition to attract and retain loyal customers.
By migrating to the right customer relationships and improving the value proposition, PiggyBank increased profits significantly.
* We take our clients' confidentiality seriously. While we've changed their names, the results are real.