In a complex business like banking, it is critical to recognize groups of customers with similar characteristics and needs, and to understand the business requirements and value of each group.

This is an important basis for developing and configuring products and pricing, refining service and channel strategies, crafting marketing messages, and aligning sales resources for more powerful and profitable outcomes.

Read our recently released paper, Market Segmentation in Banking: The Advantage of a Holistic Approach, to learn more about the benefits of this practice. 

Bottom Line

Every customer is unique, but grouping customers and prospects into carefully defined segments can dramatically improve a bank's bottom line.