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The Challenge
- Managing a large number of SMBs to maximize lifetime value was quite challenging for the bank
- SMB customers typically had high churn rate
- Timely activation and retention action need personalized context driven action
- Collection with high operations cost
- SMB Financing opportunity estimated at $2.6T
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The Solution
Virutsa leveraged AI technologies to detect lifecycle and macro-economic events for SMBs, enabling:
- A unique approach to combine knowledge driven, context-based (events, life stage, current relationships) and micro segmentation’s collective behavior to derive recommended actions
- Optimization between lifetime impact of the action (and possible downstream all opportunities) and a chance of acceptance of recommendations
- Micro-segmentation of customers for very focused recommendations
- Feedback-based auto tuning to re-calibrate recommendations
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The Benefits
- Customer Experience
- The bank started creating unique personalized experiences for customers per their needs
- The bank improved customer loyalty via tailor-made recommendations
- Revenue Generation
- Lifetime value of customers was prolonged through upsell/cross-sell, retention and activation opportunities
- Cost Reduction
- Reduced sales and marketing costs
- Reduced cost of activation and retention
- Timely action causeg reduction in collection cases
