The pressure is on for banks to become digital and make sure their customers are happy. They are becoming more customer-centric to keep up with the competition and survive. The better a bank knows its customers, the better it can anticipate the products, services and actions that will create a positive and profitable customer relationship. Done right, you can serve customers better with an understanding of their customers’ behaviour and patterns using predictive analytics.
Data driven analytics are important to ensuring customer demand and preferences are accurately met, and have become a strategic component of how value is created in most businesses. Analytics map the user journey and generate insights that can allow you to respond quickly with a customer next best offer and enhance customer satisfaction through meaningful interactions, applying corrective actions, and making offers that actually meet customer's needs.
Validata’s Smart Data Analytics include a ‘Next Best Product’ recommendation system for retail banking and private wealth customers. To make it easier for banks to treat their customers, our recommendation system uses our recently launched ConnectIQ data platform which includes patterns for ‘Next Best Product’ recommendation, Customer 360 view, and more.
Product recommendation systems are important tools for understanding customer behaviour. They are generating suggestions for products or items a specific user would like to purchase or engage with. A recommendation system creates an advanced set of complex interactive or connections between products and customers compares and ranks these connections in order to suggest products or services as customers browse your web site for example.
ConnectIQ has a unique capability to handle massive amounts of data, combined with advanced capabilities of machine learning and AI, and determine what the ‘next best product’ is and the preferred channel for every individual customer in real time, taking into account all the known information about the customer, including interactions or events.
This enables banks to have greater customer lifetime value, better determine customer spending habits and create campaigns that connect with those customers, and get them buying their products.
Validata’s Smart Data Analytics include a ‘Next Best Product’ recommendation system for retail banking and private wealth customers. To make it easier for banks to treat their customers, our recommendation system uses our recently launched ConnectIQ data platform which includes patterns for ‘Next Best Product’ recommendation, Customer 360 view, and more.
Product recommendation systems are important tools for understanding customer behaviour. They are generating suggestions for products or items a specific user would like to purchase or engage with. A recommendation system creates an advanced set of complex interactive or connections between products and customers compares and ranks these connections in order to suggest products or services as customers browse your web site for example.
ConnectIQ has a unique capability to handle massive amounts of data, combined with advanced capabilities of machine learning and AI, and determine what the ‘next best product’ is and the preferred channel for every individual customer in real time, taking into account all the known information about the customer, including interactions or events.
This enables banks to have greater customer lifetime value, better determine customer spending habits and create campaigns that connect with those customers, and get them buying their products.