Banks and credit unions are in a constant battle to maintain the loyalty of their members. Member attrition is discovered only after the customer has switched institutions.
According to a study, repeat business contributes to over one-third of revenue for more than half of the businesses surveyed. In addition, 90 percent of the former customers said they could be persuaded to stay. Customer retention is therefore crucial.
With NEMESIS, business teams can rapidly deploy analytical solutions that are focused on action. The all-in-one platform offers easy yet powerful actionable insights, data modeling, customizable dashboards, and case management capabilities that allow users to take action immediately.
Acquiring new customers is more expensive than keeping existing ones. Predict to identify which customers have the highest churn risk and access data that predicts their intent for future purchases, retaining the most profitable customers. Increase customer loyalty, improve retention and boost sales and revenue.
This case requires the use of member historical data, including demographic data and behavioral data, such as the data include member average account balance, vintage, member geographic data, member occupation, purchased credit product details, etc.