Anticipate the Needs of Online Banking Customers—Quickly and Accurately With AI
If financial institutions don’t know what their digital banking customers need, how can they fulfill users’ needs quickly and accurately? Right, they can’t, and don’t.
Micronotes Predict™, a key component of our AI-driven marketing automation platform, delivers accurate predictions about digital banking users’ preferences that retail and digital banking leaders and marketers—the people responsible for driving business and building relationships with digital banking users—have long desired.
Predict leverages the financial institutions’ core data, third-party data, and the results of brief dialogues conducted with digital banking users, and Micronotes’ own proprietary machine-learning systems to make highly accurate predictions about the products and services people are likely to need. It enables bankers to stop guessing and start validating predicted needs.
How It Works
Micronotes is the only predictive marketing platform to output probability scores reflecting explicit customer input data and is therefore the system of record for cross-selling products to a financial institution’s customers via all marketing channels.
We’ll spare you the technical details behind Predict. Instead, we’ll focus on how it provides highly accurate and actionable results for financial institutions.
Micronotes takes in multiple data sources across time and applies machine learning to deliver highly accurate predictions about digital banking users. By using Predict, financial institutions not only can predict the products and services digital banking users’ needs, they also can take advantage of long-term trends to predict even rare occurrences—such as which users are likely to leave or become delinquent, before it happens.
For a product called Predict, accuracy is critical. Micronotes’ algorithms deliver propensity scores between 0 and 1 for each clients’ digital banking users, for each product or eservice. The higher the score, the more likely a user is to acquire a given product within the next month. Clients use their own scores to target high-propensity users via Micronotes in the digital banking channels, but also using email, direct mail, and CRM-based marketing activities.
The Value of Feedback
Each financial institution wants to do more business with their existing customers. Micronotes.ai helps banks and credit unions achieve that goal through analytics, engagement, discovery, and follow-through.
Good predictions are particularly important for cross-selling and retention because customers expect their financial institution to know them. The best way for an FI to demonstrate that they know their customers is to accurately anticipate their needs and aspirations. Predict makes that possible.
System of Record for Cross-Selling
The value of a marketing campaign is equal to the value of good leads produced minus the cost of mistargeting. Reducing mistargeting and missed opportunities improves campaign value and customer experience. Machine learning is the only way to systematically reduce targeting errors, such as not knowing which users are—and which are not—in the market for a loan or other financial product.
By probabilistically scoring response and user data we can project more potential customers to target, thereby ensuring a robust targeting audience.
To prevent attrition, we use machine learning to predict which profitable customers are at risk of leaving, enabling institutions to initiate account reviews and customer outreach. We also predict which digital banking users are at risk of delinquency. This enables institutions to encourage the use of skip-a-payment products and schedule meetings with a banker to work through financial rough spots.
By learning directly from customer responses, and enabling easy downloading of scores for use with marketing systems—email, direct mail, and CRM marketing, etc.—Micronotes.ai has become the system of record for cross-selling financial services.
With Micronotes Predict, scores for the following services are included with all subscription levels:
- Auto Loan
- Certificate of Deposit
- Checking Account
- Credit Card
- Direct Deposit
- Home Equity Loan/Line of Credit
- Mobile Check Deposit
- Money Market account
- Online Bill Pay
- Overdraft Protection
- Personal Loan
- Savings Account
- Wealth Management