Industry
Banking
Region
APAC/Global
Solution
Predictive Cross-sell Recommendation Engine
Context
Today, traditional approaches to cross-selling are often falling short as banks struggle to effectively target their customers. Inefficient systems result in the promotion of products to the wrong audience, leading to a significant waste of time and resources. Banks are thus attempting transformative initiatives to enhance their cross-selling strategy.
Problem statement
The client, a prominent global bank, was looking to develop a sharper strategy to target customers for cross-selling opportunities. MathCo studied the problem and concluded that the client could achieve better, more accurate targeting by shifting from a generic customer segmentation approach to a more nuanced understanding of individual life stages. The anticipated benefits of this approach include the effective allocation of resources and a potential increase in successful cross-sell opportunities.
Impact
- Significantly improved the existing response rate from 3% to 18%
- Increased overall customer satisfaction
- Helped to make portfolio diversification more organic, and provided a better idea of what was achievable
- Made it possible to set realistic growth goals