Artificial intelligence refers to systems or machines that can perceive, analyze, solve problems, learn, make decisions, make inferences, and dynamically improve and improve themselves based on the information they collect. Today, artificial intelligence takes up a large part of the workforce. It is aimed that artificial intelligence technologies will think like humans and solve the most complex problems like a human. Although it is not possible for artificial intelligence to completely replace humans, it can increase human success and potential. The concept of artificial intelligence was only associated with the field of engineering in the past, but now these taboos have been broken with digital transformation and technological developments, and it has become a subject of interest in the “Banking and Finance” sector.published by McKinsey“Artificial Intelligence Banks of the Future”report $1 trillion in additional benefits has the potential to generateThis anticipated potential and ongoing transformation process encourages banks to invest in AI and develop business models focused on AI. Artificial intelligence applications are used for banks in subjects such as obtaining market information, increasing communication easily, and delivering the banking service used in banks to customers.
OptiWisdom, an artificial intelligence product of OptiWisdom, offers product recommendations by automatically identifying potential customers in the field of banking, such as credit scoring, futures, BCH, KMH, credit card, check, SGK and tax payments, risk scoring by corporate customers and analyzing customer journeys. It performs many analyzes and scoring, such as running an early warning system in case of an increase, suggesting limit increases by monitoring customer potentials, identifying and reporting customers with high potential to quit working with the bank in advance.
Target and Performance Calculations
One of the important issues for banks is to reduce the bank’s targets to sub-distributions such as branches or portfolios and to make fair, accessible and successful estimations during this breakdown. For this purpose, it is possible to develop systems where targets are calculated together with all bank components, time series analysis are run for each branch or portfolio, inputs from different external data sources that will affect the target, manager’s opinions and regional factors are included in the calculation. OptiWisdom has applied its target experience in areas such as retail and tourism to the field of Banking and achieved successful results specific to banking in Turkey.
Early Warning Systems
Thanks to the early warning system in OptiWisdom, by using the Customer Behavior Analysis technique, the critical points that customers pass through are analyzed from the beginning to the end (Customer Journey), and customers can predict the next steps of customers with alternative routes at different points before they take place. In addition, the potential problems and possible consequences of customers can be monitored, risk analysis is carried out to determine where the customers are at risk, and which problems they will experience, and it applies rescuing interventions to these problems, and even completely eliminates the risk of customer loss by warning the customers before they come to the risk points. OptiWisdom’s early warning has also achieved high success, for example, it has increased the success rate of a bank in the classical rule-based approach from 80% to 92%. In short, problems to be experienced with OptiWisdom are detected early and the causes of problems are reported, the entire process that has been or may be experienced is observed from end to end and is monitored instantly during the customer journey.
High Success Rates
By scoring the product trend, it is possible to score according to the success criteria set by the bank for different products. For example, by scoring the customers who affect the turnover the most or the customers who affect the profit the most, it can be estimated from which product, how much profit and how much turnover they have, according to the potentials of the existing customers. Thanks to OptiWisdom’s customer journey analysis, profit and turnover potentials are increased by making use of the improved customer communication, and even the door is opened for products and services that have never worked with the customer. The level of products and services used in banking can be determined and the reasons for which product or service tended to be reported can be reported. Thus, these reports can be evaluated and used in the creation of new products and services with high potential for success, and they become a guide for the development of existing products and services and multiplying their success. In addition, it offers the opportunity to focus on valuable and interested customers.
Take Solid Steps to Banking
AI looks after not only customer analysis but also the bank’s interests and limits. It aims to find the best advice for both the customer and the bank, taking into account any legal or regulatory obstacle or a direction that does not comply with the interests of the bank at this stage. At this point, thanks to the OptiWisdom Best Second Step analysis (Next Best Action, NBA), it combines other analyzes and offers a 3D analysis of recommendations, and offers the opportunity to go to customers with recommendations that will provide the most benefit for the bank, specific to the product.
With customer segmentation that creates high or low value according to customers’ spending amounts, loyalty, bank preferences, transaction times, and predictive value segmentation applied in OptiWisdom for many different purposes such as explainability, campaign management, customer analysis, marketing decision making, valuable customers can be identified on a product basis. Customer-specific design decisions are made. One of the most important issues in terms of value segmentation is the rapid change of value. Structures that can take quick actions to keep up with the rapidly changing segmentation problem are required. For this reason, it is much more important to predict future segmentations than existing segmentations of customers. With OptiWisdom, it has been successful in updating segments according to the rapidly changing market and customer dynamics, customer differences have been revealed, and customers in the segments created with the customer segmentation analysis offer special right product designs, service models and campaigns.
Behavioral segmentation, one of the most important segmentations, categorizes the behavioral characteristics of customers based on their habits and creates segmentations. With the behavior segmentation created, classical approaches such as offering products and services suitable for the customer, customer relationship management and communication, losing and retaining customers are low in data analytics, are not suitable for the changing market structure and technology speed. It has become important to correctly perceive and analyze their behavior. The most important rule of segmentation is to categorize customer groups with high similarity and high differences in the same segment. Data collected from the Bank’s past activities are of great importance in predicting future reactions based on customers’ reactions to products and services. With the predictive behavior segmentation applied with OptiWisdom, customers are not exposed to standard patterns, and they determine their own adventure, predict the steps in this adventure and report these behaviors, and provide the right solutions and decisions to similar customers.
Risk Scoring and Early Warning
Thanks to OptiWisdom, high successes can be achieved with the early warning system, potential problems experienced or to be experienced in the customer process are determined and explained and reported with their reasons. Thus, problems can be predicted and prevented before they occur, and early interventions are made to existing problems. With the Early Warning System (EUS), OptiWisdom can predict risks with 98% success.
OptiWisdom provides the opportunity to focus on valuable and interested customers in all its processes. Starting from the meeting of the customers, by being with the customers in their adventure, it establishes a strong bond with the customers and divides them into segments, and creates the opportunity to offer solutions, products and services, and campaigns specific to each customer. OptiWisdom not only detects valuable and potential customers, but also enables the identification and elimination of risky customers that may generate high costs. It is a software that can keep segments up-to-date against rapidly changing market and customer dynamics.
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Written by : Gizem Duygu Kurtaran
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