Metasite customer behaviour analysis and prediction system
Metasite customer behaviour analysis and prediction system for banking institutions provides a comprehensive, integrated functionality & implementation services addressing all the customer base predictive analysis needs in one package.
Data integration & a unified 360 degree bank customer view
Most financial institutions segment customers in a rather primitive way due to:
- lack of know-how,
- lack of information about customers,
- inability to prepare complete customer profiles,
- insufficient data science skills.
As a result, marketing organisations within financial institutions suffer from a variety of problems, such as:
- New products that fail in the market because the 4P product elements (product, price, promotion, place) do not match customer needs;
- Low response to the bank’s direct marketing activities;
- Falling market share;
- High churn;
- Negative perception of advertising.
Metasite customer behaviour analysis and prediction solution addresses these issues by delivering best-practice segmentation approaches and matches them to each individual bank’s needs. We bring ready-made recipes to implement one or more of:
- Behavioral clustering
- Cohort Segmentation
- Value / Recency, Frequency, Monetary (RFM) segmentation
- Tactical segmentation with specific business rules (e.g. purchase of specific product)
Right Time: Real-time Triggers & Long-term trend detection
Our solution listens for real-time events via well-defined APIs that you can push events to from all touch-points where customers interact with the bank. At the same time, we scan the Big Data repository for trends that emerge over time. By combining these two aspects, we can ensure that the communication to the customer happens at the best possible moment.
Right Customer: Customer Lifetime Value, Customer Future Value & Predictive Scoring
When targeting customers, we scan the Big Data repository for relevant behavioural hints and clues. We use customer lifetime/future value assessment and propensity modelling to obtain multiple perspectives on the customer and decide if an offer should be given to this particular person.
Putting it all together
Focus on Bank Customer Retention
Metasite customer behaviour analysis and prediction solution solves your Customer Retention challenges in 4 steps:
STEP 1: Understand who churners are.
Definition of churn. Churner profiling. Unusual patterns search.
STEP 2: Understand why churn happens.
In-depth hypothesis brainstorming and validation. Tracing backwards of how churners become this way.
STEP 3: Identify priority retention groups and focus customer base management team.
For example, reduce new customer churn from 100% per year to 50% per year.
STEP 4: For every churner group, establish reactive and pro-active processes.
Re-active processes aim to recover customer who are at risk today. Pro-active processes aim to prevent future bank customers from falling into the same trap as churners. For example, New customer churn is fixed by changing pre-acquisition and post-acquisition processes.
Metasite customer behaviour analysis and prediction system provides you with all the functionality needed to understand, build and apply different retention strategies for different customer groups.
- Pre-built best in class churner reporting, visualisation and profiling dashboards including analysis of where your churners reside geographically.
- Self-service capabilities to test your hypotheses about churn root causes by comparing churner and non-churner behaviours over long historical periods.
- Pre-built propensity models to detect risky customers in different segments, apply different retention strategies for each segment
- Integrated campaign management selects target groups by riskiness and prepares offers, including Next Best Action.
Focus on Revenue Stimulation and Up-sell
Metasite enables you to identify clients with the highest up-sell potential and increase up-sell campaign response rates by an order of magnitude compared to targeting of random or manually selected samples.
Increase revenue in 4 easy steps:
STEP 1: Short term fixes
Check for fraudulent/negative margin customers. Metasite customer behaviour analysis and prediction system enables identification and constant automated tracking of customers exhibiting irregular usage patterns that may be indicative of fraudulent activities. It enables you to download lists of customers exhibiting irregular behavior so that you can easily act on your findings.
STEP 2: Up-sell rest of base with add-on products
Identify well-performing add-on products and up-sell them to rest of base.
STEP 3: Search for opportunities ordering process
Use strategically placed hints, reminders, recommendations to nudge customers.
STEP 4: Search for opportunities in pricing, product sizing
Cluster bank customers by behaviour and develop products fitting specific niches better at a premium.
Under the hood
Metasite customer behaviour analysis and prediction solution begins with data integration. By constantly analysing current and historical data, the system becomes very good at spotting patterns of interest to bank marketers. In real world deployments, there is often a gap between analytics and action. Metasite provides marketing automation and campaign management that is directly linked to analytics, thus providing a unique solution for financial institutions to address all marketing needs.