1、e) that balances, in the best possible way, the customers preferences with the potential profit to be realized from the marketing offer. This technique can also help your bank undertake need-based selling among its existing clients. Timing of the offer (T) When making a marketing offer, timing is ev
2、erything. Predictive analytics solutions can help you track consumer databases to determine major life events (positive and negative), thereby enabling you to trigger the right offer at the right time. Predictive analytics also takes into consideration contact limitations, such as not contacting the
3、 same customer more than once in three months, in order to determine the appropriate time to make the offer. Customers to be contacted (C) Channels to be used (C) Time of ofer (T) Ofer to be made (O) In other words, banks need to follow the “CCOT” (read “caught”) approach of predictive marketing to
4、attract the revenue generating customers! Customers to be contacted (C) Predictive analytics can help your bank identify the profitable segment of customers to target. This considerably narrows down the number of customers to be contacted, resulting in quantifiable cost reductions while sustainingan
5、d even raisingthe response rates. Figure 1: The CCOT approach External Document 2017 Infosys LimitedExternal Document 2017 Infosys Limited To attract customers, the banks usually follow an optimized methodology that is very simple and effective. The implementation of predictive analytics will requir
6、e the following steps throughout the marketing lifecycle: Steps Analytics center This step leverages predictive models to determine suitable customers to be contacted, banking products or offers relevant to them, appropriate timing and channel preference Details Information center Banks can suppleme
7、nt the data derived from the analytics center with business information like customer contact constraints, marketing budget limitations, etc. Campaign design center With all actual, derived, analytical information in hand, banks can design and create a definitive, optimal precision marketing plan fo
8、r each identified customer Review center Before executing an optimized marketing campaign, the bank reviews the expected scope and cost for each customer, response rates, profits that each customer is likely to produce for the bank in return, etc. Campaign execution center The bank executes the appr
9、opriate marketing campaign for the identified customer. Analytical follow-up center Once the precision marketing campaign has been executed, the bank uses predictive analytics to identify gaps by comparing actual revenue and results from the campaign to the forecasts, and integrates this information
10、 to ensure improved effectiveness of the campaign in the future. By using predictive analytics, your bank can target and provide consumers with the right offers at the right time by having the desired information required to meet customer expectations. The basic essence of predictive analytics lies
11、in understanding relationships between past descriptive customer actions and non-descriptive actions and using them to foresee the future actions and behaviors of customers. The end result is extra-effective customer relationship management schemes, promotion and marketing campaigns, consumer reward
12、 programs, etc. 1. Customer screening In recent times, there has been a drastic Predictive analytics: How can my bank use consumer data to perceive and predict the future across the customer lifecycle? Customer Screening Customer Retention Customer Relationship Management Enhanced customer screening
13、 Customer buying habits Need-based selling Minimize customer attrition Retention of high net worth individuals need for retail banks to address certain issues like ensuring loyalty form high value customers, attracting varied new customers. To understand customer needs and behavior, banks have continuously invested in various analytics tools. Most of these tools, however, provide only an approximation of the desired
