InfiniteInsight® allows us to take advantage of big data from our customer facing channels to identify the next best offer.
Senior Manager, Customer Insight and Decision Support
BMO Analyzes Big Data to Identify the Next Best Activity
- The retail banking group used predictive modeling software for several years to assist cross-selling, up-selling, and next best activity, but needed to build more models quickly and had difficulty finding people who were skilled with the existing data mining tool.
- Needed a tool that would let relatively junior analysts build predictive models quickly.
- Selected KXEN’s InfiniteInsight® to support predictive analytics and data mining across the business.
- Source data for predictive modeling is drawn from the bank’s customer relationship management (CRM) system, which includes data on product holdings, checking account cash flow information and credit card data.
- Found InfiniteInsight® to be a more accessible tool, which helped cut development time of a predictive model by a couple of weeks.
- Build and maintain 40 models to support current inbound and outbound offers.
- Attribute success to the use of control groups to analyze lift from campaigns optimized with InfiniteInsight® as well as open communication with business managers.
- Implemented predictive models to balance credit risk of asset-backed loans, including auto and home equity lines of credit.