Finance: Product Recommendation

Identify customer needs in real time and recommend the right products

Challenge:

Recommend the right products to retail banking customers.

Business Goals:

+ Increase purchase rate 
+ Lower customer acquisition costs

Solution:

A lot many times, product recommendations received by customers are completely irrelevant and seem to be spam. 

Often, the marketing team makes target groups based on instincts learned over years to make offers and recommend products. Though this works sometimes, but more often than not, it backfires and the company’s brand suffers. This makes it even more challenging to acquire their customer later. The solution is creating micro segments from your own customer records and product portfolio. 

With Arch, the marketing team gets a ready tool with micro segments created for them and previous purchase history for each segment. They can now focus on tailoring the right offer and reduce the time spent on guessing what will work. 

 

Benefits:

+ Lower acquisition costs by recommending relevant products. 

+ Increased revenue per agent by providing agents the right information at the right time.

+ Better brand perception by reducing irrelevant product recommendations.

Would you like to start a project with us?