AI Drives Financial Institution's Customer Retention & Campaign Success

Leveraging AI for personalized offers and reduced customer churn.

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Client Overview

One of the biggest full-service banks in North America, with a range of banking, credit, and loyalty products, such as competitive travel, rewards, and credit cards.

Problem Statement

The bank was facing high competition and high customer turnover, particularly for credit card products. Their legacy manual campaign management was not geared towards timely, contextual offers and scalable personalization to customers.

Challenges

  • Rising customer churn, especially in travel credit cards, and legacy manual management of campaigns.
  • This was at the cost of being able to deliver timely and relevant offers and scale personalized customer interaction.

Solution Implemented

An AI-powered "Next Best Action" (NBA) engine was implemented, developed by their data science and marketing teams. It tailors customer interactions through history and behavior to present timely, contextually relevant offers. It leverages real-time insights and data to suggest best-in-class offers (e.g., customized travel card rewards), to digital channels for automated delivery through email, app, and web, and learns continuously from high-performing campaigns.

Outcome with Metrics

  • The NBA engine led to a dramatic reduction in customer attrition from 32% to 14%.
  • Improved campaign engagement and offer conversion.
  • Increased revenue per customer (some customers were spending over $8,000 on travel cards).
  • Optimized targeting on five partners.
  • Facilitated smarter marketing with fewer resources.