Virtusa Improved Lifetime Value via AI-Led Next Best Action Up- and Cross-selling for a Large Global Bank

  • 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
  • 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
  • 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

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