Next Best Product Recommendation

Next Best Product Recommendation

Next Best Product Recommendation

The Challenge

Financial institutions are under constant pressure to expand their revenue and keep their existing customers happy. On an average, organizations lose $136.8 billion per year due to churn – and that is avoidable. Currently financial institutions struggle to understand customer needs, based on their preferences and behaviour and fail to offer relationship driven offers. This makes it hard to balance customer experience and revenue augmentation. They need to adopt a proactive and customer centric strategy based on data driven decisions and insights and use that efficiently.

About the Company

The Solution

With CyborgIntell, you can address this complex problem by navigating through enormous amounts of data across multiple channels to understand customer intent and need, and recommend personalized offers at the right time. iTuring AutoML delivers highly accurate models that not only predict the customer’s buying intent but also sensitivity to price, thereby ensuring that you offer the products at the price at which the customer is willing to buy.

A leading financial institution used iTuring to build “Next Best Product Recommendation” model to increase product sales and improve customer experience. 4500+ features were automatically engineered to develop multiple machine-learning models to recommend the right product at the right price and at the right time. This recommendation was integrated to their CRM system to make personalized recommendations to customers across multiple touch points. This resulted in a 14% increase in revenue and improved customer satisfaction score by 17%.

Highlights

Impact

Product Revenue

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Time to Deployment

0 Weeks

Satisfaction Score

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Why CyborgIntell

iTuring makes highly accurate recommendations based on need and intent of customers to buy a product. Further, iTuring’s Integrated AI helps implement the decision rules using propensity to buy score and price sensitivity. This allows businesses to better understand their customers and offer the right product, at the right price, at the right time.

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