Keywords
Customer
Segmentation
How to Cite
Abstract
Benefits of customer support and service always prevail in the highly competitive banking industry. Customer segmentation underpins these values by grouping customers in accordance with their common needs and behaviors. By doing so, banks can apply their resources more efficiently and can act more proactively in improving segments that have been identified as profitable. The lack of understanding of customer behavior may lead to the waste of resources and opportunities. Establishing and recognizing the profiles of customer segments, therefore, always receives special attention to adopt better marketing strategies and communications. Similar to understanding the usage of products or services, knowledge of customer preferences and choices may lead to a high competitive edge. Tailored financial products and services based on different needs are attributed to the excellence of segmenting the customers.
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