Developing Real-Time NBA Strategy Leveraging Customer Journey AnalyticsBFSI
Customer centricity is at the heart of successful business. Delivering value to buyers at every stage of the customer journey drives sales conversions and retention. This, however, is easier said than done — especially in the case of B2B customer journeys. To stay at the top of the competition, businesses need to evaluate their customers’ responses and behaviors to services, modifying their strategy to reduce churn and offer more personalized services. By prioritizing customer needs and continuously adapting, companies can not only retain existing clients but also attract new ones, fostering long-term success.
The client, a financial institution in the GCC, aims to enhance its cross-selling and wallet share by leveraging deep learning models to understand customer journeys.
Approach:
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Development of Deep Learning Models
Developed a series of deep learning models to analyze and map multiple customer journeys to identify patterns and trends in customer behaviors.
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Increase Predictive Power
Fine-tuned and increased the predictive power of the models compared to existing models.
Our team collaborated with the client to deliver the following solution tailored to meet their needs:
- Deployed the models for a real-time recommendation engine, leveraging ESP and VDMML from SAS.
- Improved the predictive power of the model by 5% compared to the existing model.
The implemented solution enabled the client to take necessary actions based on the model predictions.
Key benefits:
- Enhanced Cross-Selling Effectiveness
Client can identify and capitalize on cross-selling opportunities, leading to increased revenue and wallet share.
- Improved Predictive Power
Deep learning models offer increased predictive power, enabling the client to anticipate customer needs and preferences more accurately.
- Real-Time Decision-Making
With a real-time recommendation engine, the client can make personalized offers to customers to maximizing the chances of conversion.
- Competitive Advantage
Real-time capabilities give client a competitive edge in the market, allowing them to deliver superior customer experiences and drive business growth.