Being able to build models rapidly leads to better and more actionable solutions.
SVP Market Information Manager, GWIM Client Analytics & Modeling
Bank of America Uses InfiniteInsight® for Retention Modeling
- 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.
- 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.
- 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.