Transactional Trend Detection
Cross-sell and Up-sell. Attrition and Churn. Best Customer. We all have sophisticated models that help us identify customers that show a propensity for any of these behaviors. But all of these models are based on concepts from retail catalogers – if you bought product X, you are likely to buy product Y; or if you are of age A and have income of B, you are likely to become a best customer.Although these product and demographic affinity models can be effective at telling us “who”, they are lacking information about “why” and “when” plus all your competitors have the same models. In order to create a new information advantage, the large body of rich transactional information available to financial institutions has to come into play.
Spotfire DXP provides you with the tools to re-purpose your transactional data to:
- Identify when a customer may be ready for additional products
- Predict attrition with enough time to prevent it
- Target customers whose patterns suggest they will become your best customers
- Identify groups of patterns through tools such as clustering
- Pattern recognition and pattern matching
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