BFSI

Top 10 global bank increases spend from merchant offers by 10x and improves response rates to merchant offers by 2x using ML-powered customer engagement

Challenges
A top-10 global bank and financial services provider faced challenges in enhancing customer engagement, boosting revenues, and curbing customer churn. Conventional customer segmentation solutions failed to generate a significant increase in engagement or transactions, as they were unable to comprehend the underlying motivation of the cardholders. The bank wanted to align its customers' spending patterns with appropriate merchant offers, leading to a significant rise in spending and, ultimately, fostering greater customer engagement with the bank.
Solutions
ElectrifAi's CustomerAi solution analyzed over 10 million cards, 2 million merchants, over 700 billion transactions, 100 million click streams, and more. The solution identified cohorts of customers with similar spend patterns into segments, while also leveraging the known population of loyal and tenured customers to develop the "Spend Passion" model. The model enabled the generation of new segments through the application of "look-alike" modelling methods. In addition, the solution recommended targeted offers and campaigns by segments tailored to specific spend categories for customers most likely to value them.
Outcomes
10x
lift in overall spend through CustomerAi’s Spend Passion predictions
2x
increase in response rates for offers, boosting customer engagement
Comprehensive insights into customer spending patterns, enabling tailored campaigns and offers
10x
lift in overall spend through CustomerAi’s Spend Passion predictions
2x
increase in response rates for offers, boosting customer engagement
Comprehensive insights into customer spending patterns, enabling tailored campaigns and offers