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Case Study – Banking
Our client needed to expand its services to existing customers, minimize attrition and acquire new customers. It recognized that to succeed in this challenge it would need a Customer Relationship Management (CRM) system that would provide it with the necessary tools and information about its current and future customers and how they would likely buy new products and services.
This client was one of the first to implement a Closed Loop CRM system. Using a centralized data warehouse containing approximately 1,200 attributes for each of its 4 million customers, Modern Analytics designed and installed a closed loop CRM system and guaranteed its successful implementation. Amongst other things, the system is used to target customer segments for specific promotions, cross selling, and attrition prediction. As a result, marketing response rates increased by 50% and customer lifetime values are projected to increase accordingly.
An important outcome of the project was the significant reduction of model development times. In this case, from four weeks to one week. In addition, our automation of the modeling process also ensured that our client achieved consistent quality and highly efficient time-to-market promotions.
This CRM system was a critical success factor during and after our client's acquisition and merger with another major international bank. It enabled our client to monitor its new total customers' behavior and continuously improve its marketing activities.
This work received the European SAS Enterprise-Computing award in 2000.
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