Bank of America Uses InfiniteInsight® for Retention Modeling

Challenges

• Had been using a product from a large vendor to build analytical models, but it was a time-consuming and labor-intensive process to construct derived variables and transformations.
• Required a major focus on retention of deposits.
• Sales and marketing processes have a large lead time, which means data can become stale.
• Complicated and often disparate data.
• Time constraints imposed by business requirements meant they were not always able to fully investigate and develop innovative solutions.

Solutions

• Selected InfiniteInsight® for its focus on robust models; producing consistent results over time; ability to read and write SAS data sets; export SAS code and SQL code; and rapid build-time.
• Automated data preparation for handling missing variables, outliers, adaptive binning, recoding variables, and randomly splitting the data into estimation and validation subsets.
• KXEN provided three days of training, consisting of theory, hands-on work, as well as a walk-through of a real modeling problem.

Results

• The bank focused on retaining deposits by identifying clients likely to move assets and then creating offers conducive to retention.
• The time spent to construct derived variables and transformations has been greatly reduced with InfiniteInsight®.
• InfiniteInsight® can operate with different data sources within a consistent framework.
• InfiniteInsight® models that can account for regional differences are viewed as more powerful.
• The InfiniteInsight® rapid build time allows the customer to experiment with regional models and to focus on delivering models that meet the needs and requirements of the business.
• With InfiniteInsight®, they can now build retention models per region and therefore create more targeted offers.
• The time savings can be utilized to enhance an understanding of the underlying business problem, develop insights and do a deeper back end analysis.
• Being able to build models rapidly allows for more time to analyze models and structure data in a meaningful way, leading to better, more actionable solutions.
• Developing insights from data is critical to Bank of America marketing efforts, and InfiniteInsight® plays a crucial role.