Syndicate Bank is organizing a unique customer mind-mapping study in order to increase revenue from each customer and to enhance customer stickiness. The bank said the study will cover some 4.9 crore customers of the bank, both retail and corporate. Mrutyunjay Mahapatra, MD and CEO of the bank, said the bank will analyze the account statements of the customers to understand the banking behavior of each customer and assess their current engagement with the bank and to check if they are showing any signs of exiting. Mahapatra said the intention is to get to the bottom of the behavioral patterns of the customers to understand their specific requirements and also to find out ways to stop them from straying or going away from the bank. The bank is also in the process of training about 40,000 of its employees to equip them for a changed customer requirement scenario. As part of the exercise, the bank is setting up a data lake, a platform which enables high-competing power analysis of both structured and unstructured data. The platform will compare data gathered from core banking, internet banking, eCommerce and KYC with data gathered on video, system access, social media data etc to gain insight into the minds of customers and their product preferences.
