Next Best

Highlights

Next Best allows marketing professionals to identify, for each customer, the best product to suggest based on the probability of purchase and profitability of the product itself. Increasing cross-selling for every customer is really important to make them loyal, and consequently maximizes both the margins and sales. Next Best takes full advantage of every interaction with the customer, and offers to sales force chance to have correct information to close deal: customer profile and propensity to purchase.

Next Best covers entire decision-making process, from data input, to predictions production and to final phase of monitoring and reporting. Next Best implements the paradigm of Advanced Analytics Applications, Advanced Analytics made accessible to users without statistical/mathematical skills and connected to business processes, making them Prescriptive.

Business Context

The increased intensity of retention activities and the need to meet sales targets have led to considerable pressure on customers in the financial services market.  What is more, limiting the number of contacts a customer can receive by phone or mail within a given period of time (as is currently required) means that each name becomes an extremely valuable source of information in terms of proposition of an offering.  The inbound channel becomes an important area of communication, which must be made proper use of. Using it as an “additional customer list” in all outbound offerings (from a products viewpoint) does not produce the right results because useful contacts can be wasted by offering what you want to sell rather than what the customer would be interested in.  What is needed is an analytical application which offers accurate information on trends in customer behaviour in order to secure the most benefits from each contact.

ì4C Application

Without the complexity inherent to analytical tools, i4C’s Next Best analytical application for Financial Services lets users maximise returns on actions carried out via inbound channels (branches, call centres, ATMs, internet banking …) and by managing the contact policies applied within the organisation.  Next Best enables users to obtain maximum value from every level of contact with the customer through its ranking function, which rates the best business proposals to submit to each customer and suggests the specific channel of contact, taking the log into account.  The application updates the propensity to purchase on a daily basis; it assimilates the outcomes of any other contacts made and prevents proposition of a particular offering, if it has already been made through other channels.  Thanks to Next Best, sales/marketing managers are in a position to implement campaigns via the network, with the best suggestion for each customer on hand at all times.

Business Pain – Key Features

  • Improve campaign redemption
  • State of the art predictive methods
  • Logistic Regressions
  • CRT, QUEST, CHAID trees
  • Outliers detection
  • Base decision upon accurate predictions
  • Automated management of blind period
  • Industry specific propensity indicators built from UCV
  • Deviation from segment
  • Cross selling indicators
  • Local loyalty indicators
  • Trends for specific products or segments
  • Reduce the need for statistical skills
  • Unified Customer View
  • Automated data preparation
  • Map products, actions
  • Standard definition of “success”
  • Automated score refreshing
  • Automated outlier detection
  • Wizard assisted modeling
  • Automated modeling
  • Freedom and flexibility for users with skills
  • Not a black box, access to models
  • Drivers creation and selection
  • Default parameters for less experienced analysts
  • Hold out for testing
  • Partitioning/sampling
  • Lift chart/gains chart
  • Managing the whole decision process, till performance measurement
  • Action definition
  • Model identification
  • Deployment
  • Performance measurement
  • Campaign ROI
  • Success ratio insights
  • Automate process
  • Create predictive projects
  • Schedule model update
  • Schedule score update