VeriPark’s Next Best Action solution is helping financial institutions to deliver personalised customer experiences
In response, they are going beyond their traditional boundaries to find ways of addressing more than standard financial needs. They're extending their digital ecosystem, working with partners in industries like transportation, utilities and more to offer a greater range of services – and customers are loving it. By enabling customers to do more than just perform traditional transactions, financial institutions have a huge opportunity to get customers to stick, while creating new revenue opportunities for themselves and for other businesses. Delivering a personalised customer experience with targeted and relevant offers, which are optimised to the needs of each customer, becomes significantly important for the organisations.
VeriPark's Next Best Action addresses each individual customer specifically and delivers intelligent interactions across all inbound and outbound channels at the right time. When a customer takes the initiative to contact the financial institution, their provider must be ready to take relevant actions via their preferred channel at that specific moment when they are most open to evaluate upsell and cross-sell offers. Using big data and advanced analytics capabilities of the Microsoft Cortana Intelligence Suite, including machine learning, VeriPark's Next Best Action aggregates and analyses data from all touch points to recommend the optimal next action.
VeriPark's Next Best Action considers all the possible actions before financial institutions try to sell any product to the customer and the system prioritises the open complaints, delinquency alerts, compliancy issues and event retention alerts on top of next best offers, thereby increasing the likelihood of a positive response. The solution helps financial institutions to deliver intelligent and coordinated messages across all inbound and outbound channels, such as contact centre, branch, internet banking, ATM, kiosk, web, e-mail and social media. In addition, with its channel synchronisation concept, captured responses during the interaction are pushed across all the digital channels to prevent customers being proposed the same offer via a different channel.
VeriPark's Next Best Action and ready to use database models for banking and ınsurance consider the customer's demographic, behavioural and financial transactions. And with the daily scoring operations, financial institutions can be ready for the customer when contact is made. In addition, product propensity and size estimation machine learning methods are combined, enabling financial institutions to present offers with the highest company benefits first.
Imagine a bank with 15 million customers and 10 products on the market. The banking system needs to make 150 million complex calculations to calculate the next best action for the customer. However, with the help of Microsoft Azure Machine Learning technology, VeriPark's Next Best Action uses the unlimited computing power of the cloud to complete vast numbers of calculations within hours. And, of course, this can be done in a 100% safe mode thanks to Microsoft's strong contractual commitment to safeguard customer data and protect privacy.
Through the combination of the Microsoft cloud and VeriPark's Next Best Action solution, financial institutions can turn data into insight, transform ideas into action, and turn customer events into opportunities.