Customer Analytics: increased sales by 180%
Software for statistical analysis “recognizes” what customers want and increases the sales for companies in the financial sector. IBM and ScaleFocus presented the solution – SPSS Modeler, at the 15th Financial IT Forum in Bulgaria. At ING Poland, for example, after its implementation, the sales generated by direct marketing initiatives have increased by 180%. Also, the bank secured a centralized sales management system that provides a 360-degree view of all customer information on a single screen.
Predictive analytics focuses on the behavior of similar groups of customers to products and services they use. The statistical models unveil hidden relationships in data sets, gathered from various data sources. Comparisons and analysis are made and the likely customer reaction gets predicted in advance. SPSS Modeler simulates the ‘perfect’ proposals and helps in predicting the outcome of marketing campaigns or the launch of new products.
According to industry researches, 54% of banking and financial management CEOs are focusing on simplifying their products and processes and 80% of financial services companies are still struggling with integration across the enterprise. “Efforts continue to concentrate on matters like processes, security, regulatory changes… They should be focused on achieving the next level – developing organizations where knowledge about customers is used for establishing loyalty and true engagement.” – shares ScaleFocus, an IBM Premier Business Partner for the implementation of Predictive Analytics solutions.