Customer 360 Implementation for a Leading Financial Firm to Drive Campaigns, Rewards, Churn Prediction, and Customer Journey
- Background
A leading financial firm aimed to improve its customer-centric initiatives, such as targeted campaigns, rewards, churn prediction, and customer journey analysis. The firm enlisted VerticalServe, a renowned consulting company, to implement a comprehensive Customer 360 solution that provided a holistic view of customers and enabled data-driven decision-making.
2. Objectives
- Consolidate and analyze customer data from various sources
- Enhance campaign targeting, rewards program, and churn prediction capabilities
- Gain insights into customer journeys to improve customer experience
- Implement machine learning models to generate additional customer attributes
- Develop a user-friendly interface to visualize customer interactions, attributes, and changes
3. Data Sources
VerticalServe collected and analyzed data from multiple sources, including:
- Customer interactions: Transactions, address changes, and call records
- Existing customer attributes: Name, email, phone, SSN, and changes over time
- External sources: Credit bureaus and public records
4. Time Series Database
VerticalServe implemented a time series database to store and analyze customer event data. This approach facilitated the efficient processing of large volumes of time-stamped data and enabled the identification of patterns and trends in customer behavior.
5. Customer Machine Learning Models
VerticalServe developed machine learning models to generate additional customer attributes and insights. These models were trained on historical data and were able to predict customer churn, segment customers for targeted campaigns, and optimize rewards programs.
6. User Interface
A user-friendly interface was designed to display customer interactions, current attributes, and changes over time. This interface allowed the firm’s marketing, sales, and customer support teams to access and analyze customer data, driving more informed decision-making.
7. Customer Journey Analysis
VerticalServe conducted a comprehensive analysis of customer journeys, identifying key touchpoints and areas for improvement. This analysis helped the firm optimize its customer engagement strategies and enhance the overall customer experience.
8. Results
The implementation of the Customer 360 solution by VerticalServe resulted in:
- A consolidated view of customer data from various sources
- Improved targeting for marketing campaigns and rewards programs
- Enhanced churn prediction capabilities, enabling proactive customer retention efforts
- Greater insights into customer journeys, leading to an improved customer experience
- Streamlined access to customer data through an intuitive user interface
9. Conclusion
The successful deployment of the Customer 360 solution demonstrates the effectiveness of leveraging data-driven methodologies to enhance customer-centric initiatives. Through the partnership with VerticalServe, the leading financial firm was able to optimize its marketing campaigns, rewards programs, churn prediction capabilities, and overall customer experience.
About:
VerticalServe Inc — Niche Cloud, Data & AI/ML Premier Consulting Company, Partnered with Google Cloud, Confluent, AWS, Azure…50+ Customers and many success stories..
Website: http://www.VerticalServe.com
Contact: contact@verticalserve.com
Successful Case Studies: http://verticalserve.com/success-stories.html
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