VeriPark's Next Best Action Solution Prepare and Present Offers Relevant to Customer’s Needs !

Video Ask For Brochure

VeriPark Next Best Action Artificial Intelligence

Personalized Customer Experience

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.

Business Challenges

Increase Cross-sell Ratio

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.

Event based offers

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.

Multi-channel Orchestration

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.

Cost of Infrastructure

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.

Frequency of offer preparation

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.

Utilization of Inbound Interactions

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.

VeriPark Next Best Action Artificial Intelligence

VeriPark's Next Best Action Solution

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.

Integrate With Your Digital Channels

Next Best Action solution provides a REST based API’s which exposes the following functionalities for integration of your channels and existing systems:

  • Get Next Best Action in order to retrieve the next best action that will be presented to the customer during a mobile banking login
  • Get Product Propensities in order to retrieve the product offers with their propensity and benefit metrics
  • Capture Response in order to capture responses of the customers to product offers and actions.

Ready to Use Widgets for Dynamics CRM

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.

Cortana Intelligence Suite

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:

  • Product Propensity Models are created and trained per product and used to predict the likelihood of a customer to utilize that product
  • Profit Estimation Models are created and trained per product and used to predict how much profit is estimated if the given product is utilized by a given customer
  • Campaign Response Models determine the likelihood of a targeted customer providing a positive campaign response for a specific offer.

Pricing Table

Banks with Less Than 250.000 Customers

Banks with Less 250.000 to 1.000.000 Customers

Banks with More Than 1.000.000 Customers

Request a Demo

Discover what VeriPark's Next Best Action Solution can do for your business.

ContactGet in touch with us