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VakifBank
Established in 1954, Vakifbank of Istanbul operates in retail, commercial, corporate and agricultural banking with 890 branches, 16,798 employees and more than 4,200 ATMs.
In the inaugural Middle East Stevie Awards, VakifBank won one gold and two Bronze 2020 Stevie Awards for innovations in Technology Development and in Technology Management, Planning, and Implementation for their Customer Churn Model and Customer Behavior Segmentation.
VakifBank’s Customer Churn Model identifies customers who are likely to stop using their products or services. Being aware of the situation before the customer leaves provides an advantage in trying to increase customer satisfaction and loyalty by doing preventive activities to avoid losing the customer.
VakifBank’s Customer Behavior Segmentation divides customers into different segments according to their behavior and usage habits by using statistical models and clustering methods. According to the newly created segments, VakifBank can apply special price and interest policies to their customers, and ensure differentiation in products and services. And the bank can create more targeted and effective product sales strategies, campaigns, new product developments, and loyalty programs.
Integrated with their CRM system, both initiatives have become important strategies for VakifBank’s new non-reactive, proactive marketing approach to increase the satisfaction and loyalty of existing customers while saving both time and money.