Increased Product Adoption

Increased Product Adoption

The Challenge

Financial institutions are consistently looking for new revenue opportunities through revenue enhancement and augmentation. Driving product adoption by Identifying customers who are likely to buy next best logical product and increasing the utilization of products already purchased by the customers are imminent. With growing competitive banking landscape and changing customer behaviour, identifying the right customer at right time and positioning the right product at the right price and offer, can improve product penetration and utilization tremendously.

About the Company

The Solution

With iTuring, you can build extremely accurate predictive models for identifying customers who are highly likely to buy a product based on their need and behaviour in a couple of hours. You can build a separate model to identify customers who are not utilizing the product but have the potential to use it if you target them on time with the right incentive. Personalized next best logical product recommendation can be enabled in iTuring. Additionally, iTuring’s models can also predict the customers’ sensitivity to price, thereby ensuring that you offer customers the right price at which they are willing to buy.

For a leading bank, CyborgIntell used iTuring to build “Overdraft Limit Enhancement Propensity Models” to increase overdraft utilization and upgrades with higher limits. Assist sales team in identifying right targets for upselling a higher limit to existing overdraft customers. Business used the results of their model to realise 32% increase in targeted conversion for overdraft limit in the top 30 % customers with high probability to accept limit enhancement.

To increase adoption, bank started using iTuring for developing “Overdraft Cross Sell Propensity Models” to improve sales of their overdraft protection product and identifying right targets for cross-selling overdraft protection product. Business developed customer contact strategy to realise a 7% increase in selling OD to existing customers using propensity to buy OD product model.

Highlights

Impact

Overdraft Utilisation

0 % ↑

Product Penetration

0 % ↑

Why CyborgIntell

Not only can iTuring provide highly accurate predictions of which customers are likely to buy Overdraft products, but also provides driving factors of customer’s ability to accept credit limit enhancement. This allows you to understand hidden behaviour and pattern of customers who are likely to buy Overdraft product.

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