LEVERAGE CUSTOMER CHURN MODELS TO IDENTIFY AT-RISK CUSTOMERS AND TAKE PRO-ACTIVE ACTIONS TO RETAIN THEM
The knowledge and information gained from Customer Retention Models, in addition to identifying the drivers of customer churn, provide also critical information to help institutions improve their levels of customer engagement with their products and services and increase the retention rate of profitable and loyal customers through relevant, targeted, personalized offers, promotions and services.
Our Retention Modeling services leverage advanced statistical modeling and machine learning (ML) algorithms to identify customers’ preferences and profiles associated with customer churn in order to provide institutions proactive information about their ‘at-risk’ of defection customers to enable them put in place proactive, data-driven strategies to manage and prevent current and future customer defections.
The information gained through the Retention Modeling process helps financial institutions reduce uncertainties in their marketing strategies and improve the retention of profitable and loyal customers through relevant, timely and targeted personalized offers and services. The benefits from the deployment and adoption of the Retention Modeling process extend across several areas:
- IMPROVED CUSTOMER LOYALTY: Improved retention of profitable customers through the proactive identification of the drivers of customer defections.
- PROFITABLE MARKET GROWTH: Data-driven process to grow market share by identifying and targeting and acquiring profitable new customers.
• IMPROVED ROI TO MARKETING PROGRAMS: Reduce uncertainties in customer management strategies contributing to stronger decision-making, higher ROI to marketing programs and contributions to profitability.