It Is Important to Ensure That Organizations Deliver a Personalized Customer Experience with Targeted and Relevant Offers Which are Optimized to the Needs of Each Customer.
Since there’s usually a large amount of competition in the retail banking market, banks find it difficult to increase their cross-sell ratio to their customer base. The NBA solution enables cross-sell of appropriate products at every opportunity.
Certain offers may be presented based on a customer event, such as the use of a credit card in a travel merchant which triggers an offer of travel insurance or currency exchange. Such event based offers typically have a high conversion rate. NBA provides this event based capability by monitoring events and providing most relevant to that specific customer at that time.
When a customer responds to an offer presented in one channel this must be recorded in the system and used to guide future actions. Customer declining an offer on an ATM screen should not be presented the same offer at the branch. The NBA solution synchronize channels with each other in real-time.
Preparing product propensities requires a lot of computing power. Enabling such computing power on premise is only possible with massive initial investment on hardware and software. NBA solution removes this initial investment and offers a usage based payment scheme.
Offers must be prepared based on each customer profile and state. Enabling frequent time relevant offers to be prepared increases the chance of success. NBA solution allows a financial institution to use Azure’s computing power to prepare offers weekly and even daily.
Customer response to outbound marketing activities is typically very low. Sending e-mails, text messages and even performing high-cost outbound calling campaigns do not seem to be providing a high enough conversion rate to justify the marketing resources. NBA provides an API for these channels to query the next best offer and present it.
We are in times of Customer Centric Marketing. VeriPark’s Next Best Action Solution addresses each individual customer specifically and delivers intelligent interactions across all inbound and outbound channels at the right time. It helps banks and financial institutions to boost customer retention, up-sell and cross-sell and enhances customer experience during interactions.
Next Best Action solution provides a REST based API’s which exposes the following functionalities for integration of your channels and existing systems:
Next Best Action solution has out-of-the-box widgets which can be deployed to Dynamics CRM Online:
The widgets also enable the immediate capture of the customer’s reponse to the product offers which can be used to drive further Next Best Actions.
Next Best Action solution leverages Cortana Intelligence Suite and Azure Machine Learning models to generate offers to customers. Three specific types of models are used in the solution:
Discover what VeriPark's Next Best Action Solution can do for your business.