Uncovering actionable customer insight with predictive analytics

Global Banking Industry Marketing, Big Data, IBM

The great thing about deploying advanced predictive analytics is the insight you can get about your banking customers both on an individual and a categorical basis. You can uncover patterns and trends in their behavior and sentiment hidden among different types of consumer data such as transactions, demographics, social media, surveys and interactions.

Those deeper, more specific customer insights also mean you can conduct better behavioral analysis. It’s a matter of understanding how customers interact with you, both within and beyond the confines of the bank itself. This requires creating a holistic view of customers, including:

  • customers with highly relevant offers across all channels and taking into account whether they’re interacting with you online, through mobile apps or even through social media outlets such as Facebook and Twitter.
  • Understanding your customers in the context of their individual relationships with your brand. For instance, if they have children with savings accounts, you can suggest that they consider setting up 529 accounts for college.
  • Engaging with customers through the right channel, with the right message, at the right time. This means gaining an understanding of channel preferences.
  • Predicting which customers are at risk of attrition and why, and taking actions to retain them. This requires analyzing all types of interactions, from email to the contact center, to determine whether a problem is escalating without a solution, and predicting the next best action.
  • Moving beyond measuring customer sentiment in social media and survey data to gain a deeper comprehension of customer needs, wants, intentions and behaviors. Addressing their needs ahead of time, you can improve the relationship without having to field that first frustrated question.
  • Maximizing customer lifetime value through personalized up-sell and cross-sell offers. As customers age, they may need larger mortgages as families expand, college loans as their children grow up and retirement planning as they approach the end of their career. Anticipating these life events shows you’re thinking ahead on your customers’ behalf.

Not happy with your level of customer retention or your ability to target marketing offers? IBM’s Predictive Customer Intelligence can help by providing actionable customer insight to choose the “Next Best Action” for your customers by looking at “what could happen,” keeping them loyal and satisfied. It empowers you to share the most relevant offers over their preferred channels, enabling a true omni-channel experience. It also helps optimize customer lifetime value and enhances the overall experience through behavioral and interaction analysis. Put your data to work today. Download the white paper Enabling new levels of customer engagement with predictive analytics.