Our client, a prominent retail bank, holds a strong position within the MENA (Middle East and North Africa) region. With a significant presence and influence in the local market, this bank has established itself as a trusted financial institution catering to individuals.
Detailed information about the client cannot be disclosed under the provisions of the NDA.
Our client was undergoing a global digital transformation. Traditional customer retention methods proved ineffective, prompting the bank to seek a personalized approach. One of the strategies the bank adopted as part of their digitization efforts was the implementation of targeted advertising campaigns within automated marketing aimed at specific user groups, with the objective of retaining customers using AI and predictive analytics.
However, the bank lacked a unified system capable of gathering user data, identifying behavioral patterns indicative of potential customer churn, and analyzing it comprehensively. Innowise Group was tasked with developing such a system, leveraging ML-models to detect customer attrition based on behavior patterns.
Innowise Group offers a comprehensive suite of AI solutions for banks. These solutions encompass multiple essential phases, ensuring a robust implementation and seamless integration.
The implementation of AI in banking and finance delivered remarkable results for our client. The bank experienced a significant increase in customer lifetime value, unlocking new revenue opportunities and fostering long-term relationships with its valuable clientele by deploying targeted retention strategies.
One of the most noteworthy achievements of the system was the substantial reduction in customer churn rates and successful re-activation of 17% of inactive customers. By identifying customers who are likely to leave the bank’s services in advance, the system enabled the bank to proactively address their concerns and provide personalized retention initiatives based on insights provided by the AI-driven predictive banking software solution. Through targeted communication and tailored offers, the bank successfully retained a larger number of customers, ensuring their continued loyalty and contributing to the overall growth of the institution.
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