Customer Profiling for top Private Bank

About our customer

The client is one of the biggest private banks in India.

Industry

Banking

Use Case

Marketing, Customer Segmentation

Implemented a data analytics and lead enrichment platform for activating dormant customers for the biggest private bank in India.

The Challenge

The client is one of the biggest and oldest private bank in India with millions of dormant customers and their past financial data. The bank used traditional mass marketing methods to re-activate these customers but with limited success. The challenges facing our client were:

  • Lack of latest data due to dormancy in the customer relationship
  • Inability to micro-segment and target customers in a cost-effective way

The high level interpretation of churn management can be understood broadly under primary and secondary goals. The primary objective is to identify voluntary churn based on historical data mining. Secondary objective is to create churn profile around every customer highlighting other parameters like life-time value, key reasons for possible churn etc.

The Approach

We started with analyzing and cleaning the existing customer data which included past financial transactions with the banks. This helped us create micro-personas for each customer. We then enriched this data with thousands of data points from alternate data sources. This included:

  • Social profiles, hobbies, interests
  • Professional profiles and current financial status
  • Spending patterns estimated from mobile app data

This helped us in creating an individual's detailed financial profile which was used by the bank to target these customers with customized offerings as per their specific need

We also integrated our analytics and recommendation engine with the bank's CRM and marketing system to enable an efficient and sustainable marketing process.

Outcome

We re-activated more than 100,000 customers in the first two months while reducing the marketing spends by more than 20%.

Capabilities Enabled

Automated marketing platform for one of the biggest bank in India to help in re-activating dormant customers by recommending specific financial products based on individual's specific financial needs.

Impact Created

  • Re-activated more than 100,000 dormant customers
  • Reduced cost of re-activation by 22%