The challenge
The client is a European bank serving hundreds of thousands of customers. To reduce churn and improve brand loyalty, it wanted a solution that would help it understand its clients, including their interests and social status.
With that understanding, the bank aimed to offer discounts within specific categories such as car credit or an additional Visa card, provide partner offers such as cruises for people who like travel or sports equipment for people who enjoy sport, design service packages for particular audiences such as an online service for young people, and identify brand ambassadors who could promote new services.
Our solution
Based on the bank’s requirements, we developed an analytical module and an interactive tool that extract insights from social media data, visualise them and present them in a usable form.
- Audience interests extractor
- Social group affiliation estimator
- Social class-based segmentation module
- Geography-based clustering module
The outcome
The data science solution let the bank explore its audience interactively and make relevant offers and discounts, which increased loyalty and reduced churn. According to the client’s feedback, the system helped it retain most of the clients who had previously been about to leave.
