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Intelligent Client Management – An AI/ML-Driven Value Offering for Banks

A bank’s end-customer is bound to be delighted if he/she receives real-time value in the moments that matter. Informed customers expect banks to understand their end-to-end needs and offer meaningful, proactive solutions. In a customer’s journey with banks, there are innumerable moments when customers need their bank’s support. These opportunities remain untapped due to the bank’s lack of holistic customer intelligence and insights. With irrelevant offerings and untimely communication, banks end up infuriating customers and miss the golden opportunity to serve them proactively, pertinently, and efficiently to boost sales and loyalty.

The longevity of customer relationship is directly proportional to the number of products the banks serves to the customer. As per a study, a bank holds a customer for 18 months with one product. The duration increases with increasing number of products. Most banks today have customer intelligence from a financial standpoint. However, if these banks view the customer beyond the financial and demographic lens, the possibilities of engagement increase manifold.

Hexaware offers a well-thought-out value offering, Intelligent Client Management (ICM), that enables banks to create a deeper connection with their customers via immersive personalization based on real-time customer intelligence and insights. This helps banks cross-sell and up-sell high-value products to their customers and increase the longevity of customer relationship. ICM is a personalized, pervasive and prudent opt-in value offered to end-customers that acquires customer insights while safeguarding their safety and privacy. The AI/ML engine auto-trains itself to enable bankers derive accurate insights and make well-informed decisions.

Why banks should invest in ICM – AI-based Customer Intelligence?

Traditionally, banks generate financial and consumption data from customer analytics, data analytics and data warehousing solutions. But this information doesn’t allow banks to analyze the customer’s end-to-end lifecycle and offer more products. ICM offers a 360-degree view of customers to help banks evolve from a product supplier to a lifestyle partner.

How ICM works?

ICM acts as a single digital profiler – it consists of an AI/ML engine that sources customer data from 5 dimensions – financial, consumption, wellness, social, and aspirational. This data can be integrated through various API sources available in the market. 

Here is the type of data generated through the 5 dimensions:

  • Financial: Pay hikes, increase in profits, assets and liabilities, demographic data, etc.
  • Social: Customer’s social interests, spends, desires, activities, etc.
  • Wellness: Health goals, family’s medical history, health wearables, fitness behavior, insurance coverage, etc.
  • Consumption: Utility bill payments, credit card statements, data from online shopping abandoned carts, etc.
  • Aspirational: Customer’s aspirations tracked through online customer behavior, intent to buy a high-end house, better educational needs, desire to go on a world tour, etc.

How ICM helps the different functions of a bank?

The customer relationship management and sales teams currently work in silos. Which is why the tele-communication teams try to sell credit cards to customers who already have quite a few for their needs. While this customer intelligence is available with the customer relationship manager, it never reaches the sales team. The ICM creates synergies between different banking functions by providing a single view of the customer. The teams can work in tandem to offer the right product at the right time.

Cover your customer’s end-to-end banking needs and maximize touchpoints in real-time. Enrich customer experience to strengthen trust with our cutting-edge Intelligent Client Management value offering.

Contact us now for a demonstration.

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