Reduced Customer Churn
Reduce Customer
Churn
The Challenge
The easiest way to grow your revenue is to keep your existing customers happy. It can cost up to five times as much to acquire a new customer, as it does to retain an existing one. Nurturing your existing customers, yields far better sales results as compared to selling to a new customer. However, customer retention teams have limited resources and need to determine which customers are more likely to churn so they can prioritize their retention efforts for maximum impact.
About the Company
- Leading Payment Bank in India
- USD 95 Million Annual Revenue
- 100 Million customers
- 410 branches, 400,000+ touch points
- USD 30.6 Million Savings Deposits
The Solution
CyborgIntell can transform customer relationships, help retain customers and increase sales. With iTuring preventing churn becomes simple, it not only understands why customers have left historically, but also identifies new patterns and trends as they happen. Churn patterns hide deeply complex behaviours, but within a few hours, iTuring can accurately predict customers at risk of leaving. This means that preventive steps can be taken to retain them. By retaining more customers, your business grows faster, increasing profits and building brand value.
For the Payment Bank, CyborgIntell used iTuring to build a “Customer Churn Prediction Model” and identified both customers at risk and the drivers of attrition. The payment bank used the outputs of the model to formulate an event-based contact strategy after considering risky customer segments and customer value.
Highlights
- 8% decrease in attrition rates
- USD 1.8 Million increase in annual revenue
- Savings of 17% of balances at risk of attrition
- 92% model accuracy (AUC) vs. 80% of previously built model
- 400+ time-based machine learning features
- AI Model built in 40 minutes with iTuring AutoML+
Impact
Attrition Rate
0
%↓
Revenue
$
0
mn↑
Savings on Value at Risk
0
%↑
Why CyborgIntell
Not only does iTuring provide highly accurate predictions of which customers are likely to default, it also provides explanations for why each customer is likely to churn. This allows business users to better understand their clients churn behaviour and implement actionable and impactful retention strategies.
Contact us to find out more
Unlock the power of AI with CyborgIntell!
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