“An Avaya survey in India a couple of years ago found that 51% of Indians use online banking. Another report by the Office for National Statistics says 69% of UK population bank online.
Cost to acquire a typical customer (CAC)
- The expenses put in by sales and marketing teams divided by the number of new customers added on to the repository would define CAC,
Lifetime value of a typical customer (LTV)
- LTV, also known as customer lifetime value (CLV) or lifetime customer value (LCV) is a forecasting method to estimate the projected revenue from a customer over the lifetime of their relationship with your business.
- With digital banking, research suggests that you can save up to $5 on a branch visit, $2.50 for a customer call to a call centre.
As per research done by Capgemini and MIT Sloan, businesses who recognise the value of digital transformation are on average 26% more profitable than their competitors and have valuations that are 12% higher.”