Changing the way your customers bank with predictive analytics
Once again, I came home to three separate offers from banks that are of no interest to me. One was an offer to increase my credit card limit, despite the fact that I’ve never used more than one percent of the current limit. The next offer was to add yet another card to my collection. How many cards does a person need? And the third offer was to pay off any existing balances I might have on other cards despite the fact that I’ve never carried a balance on any card.
Remember a few years ago when the news hit that a major retailer had sent coupons for baby supplies to clients they determined were pregnant? A Forbes article nicely summarized the event, which essentially described how the retailer successfully used analytics to monitor the buying behaviors of its loyal clients and sent coupons to match the life event.
Imagine if banks used their extreme wealth of data to figure out which offers currently apply to the life events for their clients. Perhaps the people who are planning a home renovation will be offered low rates on a line of credit and people who are retiring will get information on reverse mortgages.
If the offers I’m receiving are so wrong for me, I imagine that most of the offers being sent by banking institutions are going to the wrong people at the wrong times in their lives. This mismatch means that banks are wasting their precious marketing dollars. It could also mean missed opportunities to please loyal customers. People who are receiving offers they don’t care about may end up ignoring all correspondence from the bank if they think it will waste their time.
Now, however, the capability to target the right offers to match life events is possible. IBM is announcing predictive industry analytics solutions that can transform your business. Join fellow business professionals on May 28, 2015 for a video announcement. IBM plans to deliver industry-oriented predictive analytics solutions that focus on very specific industry use cases and deliver transformative insights to business decision-makers. Predictive industry analytics solutions offer several benefits:
- Fast, smart decisions: Act on insights from predictive analytics, data preparation and tailored interfaces for specific industry use cases.
- Expertise: Leverage signature design partners who are innovators from many industries combined with IBM experience from 50,000 analytics client engagements to build these solutions for you.
- Enhanced use of limited resources: Get up and running with analytics quickly because IBM has done the heavy lifting for you.