How AI pricing analytics helped a leading bank offer the right service depending on their customer’s life stage?

Sep 29, 2022

Highlights of the Case Study: 

Particulars Description 
Client A leading bank based in Indonesia wanted to develop an AI-powered application to offer their customers the right service depending on their life stage. 
Business Challenge Our client wanted to automate the financial planning process based on customer life stages and create a portfolio in line with age and risk tolerance. The client wanted to streamline its goals of wealth creation. 
Impact Quantzig’s AI-driven technology helped the client collect customer experience data, customize and create services based on its customer’s stage, and provide end-to-end assistance throughout the cycle.  

Game-Changing Solutions for the Banking Industry 

Let’s first understand the role of AI customer analytics in the banking industry. Any financial objective in life must be planned for being accomplished. Every objective necessitates a series of carefully considered and carried out decisions, whether it be saving, investing, building wealth, or guaranteeing a steady stream of income after retirement. Financial planning is a very dynamic activity, which is one of its most underrated characteristics. Customers go through four stages in their financial lives: beginning, dependents, development, and retirement. The financial planning must follow the appropriate stages. 

Product developers of the bank employ a variety of data, such as information on previous purchasing patterns, customer test results and feedback, commercial performance, and acceptance of the new product portfolio, to provide customers with the services they need based on their stages of life. To find combinations that can be used to provide a better portfolio, this data can be evaluated using sophisticated machine learning (ML) algorithms. 

The Challenges of the Client 

A leading bank based in Indonesia partnered with Quantzig to develop an AI-powered application capable of offering its customers exemplary service depending on their life stage. The client wanted to focus on financial planning in different life stages, such as ensuring adequate retirement income, navigating job losses or changes, transition plans for business, and managing market volatility and retirement savings.  

The client intended to innovate, understand, and determine the potential success of financial planning by covering all expenses and creating a portfolio in line with age and risk tolerance. The product developers wanted assistance from Quantzig to explore and streamline their objectives and goals of wealth creation. Moreover, the client struggled in providing detailed information on managing the portfolio and adopting strategies to handle various schemes. 

Our client was facing the following issues:  

  • Pressure to outperform benchmark indices 
  • Stringent banking regulations 
  • Customer retention 
  • Analyzing appropriate focus groups 
  • Fluctuating consumer preferences 

The client wanted to leverage Quantzig’s AI customer analytics to offer bespoke services to customers depending on their location on their journey.

Quantzig’s AI Customer Analytics Solution for Banks 

By utilizing cutting-edge big data analytics and pricing solution, Quantzig helped the client identify strategies and techniques to manage assets and reduce debt. Quantzig assisted the client in all three categories of financial life stages: wealth accumulation, preservation, and distribution. Our analysts used analytical solutions to collect different data points on customers and  a 360-degree view of the customer, anticipating future needs or upselling products. Quantzig also offered client strategies to create a high emphasis on marketing the product. This could help in increasing loyalty or affinity with the product and increase consumers’ awareness of the product and its benefits. Our analysts used AI tools to cut through an enormous amount of data generated through surveys, focused groups, and questionnaires to identify current market trends. The Quantzig solution examined databases and combined them with marketing and sales data to recommend customer preferences based on demographics. 

Our AI system analyzed the following characteristics of the big data analytics solution: 

  • Reduced ROI 
  • Predictive prospecting 

Impact Analysis of Quantzig’s Data Analytics in Banking  

Quantzig’s AI customer analytics technology helped the client unlock the following benefits:   

  • Increased system security and offered the right service to the customer 
  • Collected customer experience data in real-time across all touchpoints and channels 
  • End-to-end assistance throughout the cycle 
  • Regulation analysis and monitoring for global banking sectors 
  • Competitive benchmarking analysis for products through cross-category benchmarking and balanced scorecards  
  • Increased customer base 

Our collaboration throughout the years led our client seamlessly handle and monitor end-to-end customer journeys to create a 360-degree view of the needs of customers. Moreover, it tracked and addressed individual customer feedback with closed-loop functionality. Companies routinely captured employee feedback to understand the barriers to greater employee engagement and performance.  

Key Outcomes 

The functioning of the banking industry has transformed completely with the advent of emerging technologies such as big data, artificial intelligence, and machine learning. With time, the norms have changed and so have the customer expectations from the client’s product offerings. Quantzig assisted the client by offering the appropriate technology to collect and interpret data on customer experiences with the client’s products. Our technology and solutions helped the client keep a check on the regulatory compliance and trends across global banking. This led to an increased customer base and positive word-of-mouth advocacy.  

Broad Perspective on Data Analytics in the BFSI Sector

Contact center AI can help banks raise customer lifetime value and lower operating expenses while also enhancing employee happiness. Employees can concentrate on more challenging and important initiatives as technology takes on repeated iterations of consumer requests and complaints. Additionally, their workload has been reduced. The time saved might also be used by retraining these workers for the upcoming demands. As a result, employees may have stronger mid- to long-term career possibilities. In cases where extraordinary issues or service requests are not covered by the default template, the staff can supplement the AI-based contact center. As a result, soon, the banking business will be shaped by humans and AI. 

Key Takeaways 

  • Gauged the client’s customer repository to get insights into the customer experience. 
  • Bridged the gap between customer requirements and banks’ services and policies. 
  • Enhanced customer experience levels by identifying all customer touchpoints 
  • Developed an effective marketing strategy that appealed to the customer’s needs  
  • Improved customer retention, leading to annual growth of 45% 

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