Cross Sales

Data analytics, machine learning and optimization.

DEscription

A large regional bank with a broad product portfolio wanted to sell products to the right customers. Based on customer data stored in the data warehouse, a machine learning model predicted which customers to contact, for a 5-fold increase in sales compared a control group.

Challenge

  • A data warehouse captured all banking data. Customer actions and interactions were available from separate systems.

  • The client wanted to identify the customers interested in a given product (such as a loan) in the near future.

  • Use this to ensure focused and targeted marketing, personalization and customer relation actions.

Sonat Service

  • Data was brought in from the data warehouse, CRM system, product tables, web and mobile client logs.

  • We anonymized data to the predictive analytics server where transactions were run through the feature extraction procedure.

  • Several predictive models were automatically competitively trained and validated, and the best performing model was used for continuous prediction of individual customer product purchases.

The Results

 

  • Customers with the highest predicted probability (top 10 %) constituted 80 % of actual buyers.

  • Demonstrated a 5 fold higher sales and 50% decrease in customers choosing a competitor compared to standard business rules in a randomized trial across 200 advisors and 6000 customers.

  • These and other models increase revenue through targeted efforts and provide relevant services, communication and products through personalization.

%

Constituted of actual buyers

%

Increase in customers

increase revenue

This project applied machine learning to predict customer interest in products. Could you predict whether a customer is interested in a specific product, given information about demographics and recent activity?

Can an algorithm do it automatically?
The experience from this project is that the answer is a resounding “yes!”.

Sonat AI

Data analytics, machine learning and optimization.

Contact

Kjell Værøy Ljøstad

CEO Oslo
kjell.ljostad@sonat.no
+47 952 67 129

Sonat Consulting Oslo AS
Karl Johansgt. 25
0159 Oslo

Contact

Jonny Klemetsen

CEO Bergen
jonny.klemetsen＠sonat.no
+47 294 56 245

Sonat Consulting Bergen AS

Besøksadresse:

C. Sundts gate 17-19

5008 Bergen

Postadresse:

Sonat Consulting Bergen AS

Postboks 234 Sentrum

5804 Bergen