Managing relationships with several smaller companies is challenging for banks. Despite the higher churn rate and lower value generated by these companies compared to larger enterprises, banks need to improve their relationships with them and better understand their purchase propensity.
Timely activation and retention of smaller companies entails personalized and context driven action. However, it’s a process that comes with significant operational cost.
Portfolio Recommendation Engine solution from Virtusa xLabs reinforces relationship managers by suggesting product recommendations in real time.
It includes a wide spectrum of factors that affect product purchases. Artificial Intelligence (AI) makes it possible to detect lifecycle and macro-economic events affecting SMBs. The combination of knowledge-driven context, such as events, life stage, current relationships of customers and micro segmentation’s collective behavior allows the engine to derive recommended actions. AI enhances the effectiveness of recommendations, thereby maximizing overall lifetime value.
Micro-segmentation of customers allows to generate precise recommendations.
- Create unique personalized experiences for customers as per their needs, increase satisfaction levels
- Produce tailor-made recommendations to improve customer loyalty leveraging AI/ML
- Maximize lifetime value of customers
- Reduce operational costs for sales and marketing