Financial institutions :
1. Are still relying on generic and undifferentiated product push campaigns, instead of curating product and services
2. Are Unable to extract and understand their customer data therefore lacking personalization
3. Are siloed and providing a disconnected experience across products, hence losing out against digital ecosystems able to deliver a lifetime and holistic value proposition
Insurers, Banks and wealth managers that can leverage data and apply AI to personalized the customer experience will ultimately deliver better value for them.
Introducing ABAKA’s AI-powered Next Best Action, an AI-recommendation engine helping Financial Institutions deliver a hyper-personalized engagement to their customers, and build a truly customer centric ecosystem across their range of products and services.
ABAKA’s AI-powered Next Best Action is an innovative solution relying on four steps:
1. bring together your relevant customer data in a clean and structured format, through existing plugins, file transfers, APIs and pre-built connectors such as with Salesforce or Microsoft Dynamics
2. augment your customer data with other sources for enhanced insights: collecting unique proprietary data from customer App engagement with our personalized content feed, or with our chatbot and lifestyle goal based saving applications, or adding external data sources such as Credit scores, Health data, or even Social and Behavioural data
3. having trained and designed our Machine Learning models on millions of customers, covering the past 20 years and a broad range of financial products and services, our AI identifies customer personas and integrates your own business rules and product requirements to build insights and deliver personalized experiences
4. predict what Next Best Actions will resonate and activate a customer response, and deliver it to the right people, at the right time and through the right channel: through our AI-powered chatbot, or our curated content feed platform, and also through personalized emails, push notifications or social.
The results speak for themselves…
• Increased engagement by 500%
• 38% increase in Net Promoter Score
• Increased product conversion from 3% to 31%