Recommendation Engines for Banks.
Data suggests that banks lose one out of every five customers due to poor personalized recommendations and two out of five customers to poor customer service. Customers today use online and mobile banking platforms not only to perform credit and debit transactions but also look to traverse complex journeys like loan repayments, stock purchases, and investments. Therefore, the reasons for signing into a banking application are very diverse.
How are banks expected to understand their customers and their needs effectively? A recommendation engine built on top of a robust customer-centric platform helps the bank closely observe its customer behavior. This eyes-on-glass approach enables banks to be customer curious and recommend timely and relevant products and services to customers when they are in need. AI-driven recommendation engines empower banks to proactively reduce customer churn, and rapidly improve customer loyalty. By recommending the right product or the service at the right time, banks receive far better customer engagement, driving better customer satisfaction scores and achieving greater success in the targeted marketing campaigns.