The increased intensity of retention activities and the need to meet sales targets have led to considerable pressure on customers in the financial services market. What is more, limiting the number of contacts a customer can receive by phone or mail within a given period of time means that each name becomes a valuable source of information in terms of proposition of an offering.
The inbound channel becomes an important area of communication, which must be made proper use of. Using it as an “additional customer list” in all outbound offerings (from a products viewpoint) does not produce the right results because offering what you want to sell, rather than what the customer would be interested in, can waste useful contacts. What is needed is an analytical application that offers accurate information on trends in customer behavior in order to secure the most benefits from each contact.
Next Best allows marketing professionals to identify, for each customer, the best product to suggest based on the probability of purchase and profitability of the product itself. Increasing cross selling for every customer can help making them loyal, ultimately maximizing both margins and sales. Increasing cross selling for every customer can help to make them loyal, ultimately maximizing both the margins and sales. Next Best takes full advantage of every interaction with the Customer, and offers the sales force a chance to have correct information to close deal: Customer profile and propensity to purchase.
Without the complexity inherent to analytical tools, Next Best analytical application for FSI lets users maximize returns on actions carried out via inbound channels (branches, call centers, ATMs, internet banking) and by managing the contact policies applied within the organization.
Next Best enables users to obtain maximum value from every level of contact with the customer through its ranking function, which rates the best business proposals to submit to each customer and suggests the specific channel of contact, considering the log. The application updates the propensity to purchase on a daily basis; it assimilates the outcomes of any other contacts made and prevents proposition of a particular offering, if it has already been made through other channels. Thanks to Next Best, sales/marketing managers are in a position to implement campaigns via the network, with the best suggestion for each customer on hand at all times.
State-of-the-art predictive methods
CRT, QUEST, CHAID trees
Automated management of blind period
Cross-selling and local loyalty indicators
Automated data preparation
Next Best applies advanced analytics to the entire decision-making process, from data input, to predictions production, and to the final phase of monitoring and reporting.
Financial Services applications are built within the scalable Accenture Insights Platform that provides fast and easy access to an array of industry and functional applications that bolt on to the platform, allowing quicker time to market and more rapid results for clients.
Clients also access our wide range of capabilities rooted in
Industry knowledge. The validity of our advanced analytics outcomes is underpinned by our deep knowledge of the sector.
Business. Applications are designed for business users and focused on business results, minimizing advanced analytics complexity. Getting to accurate outcomes does not require statistical, mathematical or IT knowledge—just business know-how.
Flexibility. Applications are based on a framework that can be easily integrated in an enterprise operational environment to drive business process action.