ElasticSearch Archives - IBA Group - USA https://us.ibagroupit.com/technologies/elasticsearch/ Wed, 31 Jul 2024 11:10:31 +0000 en-EN hourly 1 https://wordpress.org/?v=6.5.5 Providing Customer Behavior Analytics for a Client in the Banking Sector https://us.ibagroupit.com/cases/customer-behavior-analytics-banking-sector/ Fri, 05 Jan 2024 13:41:26 +0000 https://us.ibagroupit.com/?post_type=cases&p=11034 The post Providing Customer Behavior Analytics for a Client in the Banking Sector appeared first on IBA Group - USA.

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Challenges

1 / Effective segmentation. Accurately segmenting clients to pinpoint the most profitable groups in the tech industry.

2 / Customer retention. Developing strategies to minimize client turnover and strengthen retention.

3 / Data analysis. Analyzing extensive customer data to discern preferences and trends in tech solutions.

4 / Predictive modeling. Constructing models to forecast future client value and tech needs based on current data.

Goals

1/ Identify the most profitable customer segments to tailor technology solutions and marketing strategies more effectively

2/ Develop models reflecting the common attributes of significant clients for future targeting

Results

By segmenting customer transaction data based on brand occurrences, the bank achieved a 15% increase in customer engagement.

The creation of heat maps to track payment card usage geographically led to a 20% improvement in targeted marketing efforts.

The launch of co-branded bank cards, informed by popular brands in transaction data, resulted in a 25% increase in new card sign-ups and a 30% rise in transaction volumes with these cards.

Selling depersonalized transaction data to retailers opened a new revenue stream, enhancing the bank’s profitability by 5%.

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