Application areas for Customer analytics in banking

There are three stages of customers relationship with Banks or for that matter any business organizations. They are Pre-sales (Awareness, lead generation), Sales (Conversion / Acquisition) and Post-Sales i.e. customer development, service and customer retention.

At each of these stages of customer lifecycle, one can apply analytics to drive business decisions.

The possible application areas are 

  • Customer acquisition: Target Marketing, Campaign analysis, Customer behavior profiling and segmentation, Channel effectiveness analysis, Propensity Modelling
  • Customer Development: Customer lifetime modeling, Cross-Sell / Up – Sell, Next Best offer Analysis, Net Promoter Score / Loyalty analytics, Market Basket analysis, Most valuable customer analysis
  • Customer retention: Customer attrition analysis, Survival / attrition analysis

Marketing Strategy

Segmentation 

  • AI driven real time customer segmentation

Pricing 

  • Dynamic pricing using AI

Communication and Advertising

  • Budget optimization

Awareness and Lead Generation

  • AI powered content creation for marketing / customers
  • AI Image recognition – for image search / visual search – take pictures of the product and search for the product on the website
  • Write and test digital ads on facebook, twitter, google search ads, display ads and other social media platforms for more clicks and revenues.
  • AI to deliver personalized web experience
  • AI for voice search
  • AI for automated campaign bidding
  • AI for social media management – connecting chatbot to your facebook messenger
  • Sentiment analysis – AI for monitoring conversations on social media
  • AI-powered computer vision technology to scan images, videos, and content across the web. Then, it uses insights from that analysis to help your brand place ads where consumers are most likely to pay attention to them.

Lead Nurturing

  • AI for personalized emails to every single customer

Customer acquisition

  • AI for omni-channel customer interactions
  • AI to order products through voice for e-commerce
  • Multi-channel attribution

Post- Sales

  • Virtual assistant / digital representative / Chatbots for customer service
  • AI based recommendation systems to recommend products and services to the customers
  • AI for consumer engagement – Next best actions and communication
  • AI for omni-channel customer interactions

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