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

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

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.

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