Financial institutions of any size can now take advantage of AI and predictive modeling; Predictive attrition model delivering data to combat customer churn.
Bespoke AI-driven predictive models have traditionally been expensive and normally have taken months to create and deploy, making them the exclusive domain of only the largest financial institutions. Community banks and credit unions have been at a major competitive disadvantage in using predictive analytics and AI to drive business decisions. Until now.
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Segmint, the global leader in transaction cleansing and analytics for financial institutions, announced the launch of its industry leading AI Platform, a cloud-based and always-on predictive modeling engine which can build and deploy custom predictive models for any financial institution within two weeks. Segmint’s AI Platform delivers predictive models at incredible speed and scale, using insights that describe the full universe of customer data. The AI Platform boasts seamless data integration with multiple cores where data flows into the models on a daily basis, continuously updating the insights.
Segmint already has multiple clients using its AI Platform to build predictive Attrition Models. Through our patented AI-driven analysis of every transaction, Segmint assigns Key Lifestyle Indicators® to account holders describing spend patterns, held-away payment activity, banking behaviors and product mix. Changes in activity can be indicators of account holders at high-risk of leaving an institution in the near future, which are accurately identified by the model. Clients are using the results of the model to execute automated marketing and personal engagement campaigns to prevent the likelihood of account holders attriting.
For community banks and credit unions, this solution provides on-demand access and a reliable path to identify account holders at risk, and visibility into correlated behavior patterns.
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“The data from the attrition model has been a game-changer for us in identifying account holders likely to leave our institution. We are now empowered to be proactive with these account holders and nurture the relationship to limit churn,”said Cheryl Dutton, Vice President of Marketing for Altra Federal Credit Union.
Segmint’s AI Platform is a market differentiator because it was purpose-built to consume Segmint’s proprietary Key Lifestyle Indicators, or KLIs. KLIs are ideal inputs to predictive models because they solve the most difficult and time consuming part of data science which is cleansing and normalizing data. KLIs also contextualize the results of the predictive models by correlating with the predicted population to provide a wide range of filters and segmentation options. With KLIs, financial institutions can be more intelligent about how to engage with the output of the predictive model.
Segmint’s actionable KLIs range from labels that describe a purchase at the brand level, to labels that describe the count of products a customer or member has with an institution. Processes then turn raw transaction data into these KLIs with great accuracy and at scale. With these normalized and contextualized KLIs as its raw material, Segmint’s AI Modeling Platform can quickly create useful and accurate predictive models.
“Segmint is the global leader in cleaning and contextualizing banking data at scale to provide descriptive insights about consumers for financial institutions,” said Mark Leher, Vice President of Data and Analytics for Segmint. “Now, our AI Platform transforms descriptive insights into predictive insights, enabling our clients to make intelligent, data-driven decisions.”
