Qorus Banking Innovation Awards 2021

iGenome, our approach to N=1

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30/09/2021 Banking Innovation

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Hyper Personalization (N = 1) for driving Customer Life time value powered by Machine Learning and Deep Learning

Innovation presentation

iGenome is the digital twin of the customer, this is being consumed by both digital as well as physical channels of the bank. This is powering contextual and uniform action (Product, service, engagement) across 44 placeholder of RIB (Website), 5 place-holder of iMobile (mobile app), iView (Interface for sales team), VRM (RM app) etc. Channels of the bank get benefited having this ready to leverage deep insight and action about a customer along with reasons for insight generation and contextual pitch.

Uniqueness of the project

The model comprises of Machine Learning and Deep Learning model driven actions across four different client life stages (Activation, Engagement, Cross-sell and Attrition prevention) blended with hyper personalized communication.

Activation: Cosine similarity model is implemented across the variables we get during onboarding and other profile variables we get from API/External sources. A string of week wise recommendations is generated to recommend sequence of digital transactions a customer should do and products he can buy digitally.

Engagement: We use LSTM models to engage customer to move them towards becoming “digital native”. The LSTM model learns the pattern of transactions from digitally active customers and transfers the learning to recommend the next best digital transaction to digitally inactive customers.

Cross-sell: 20+ ML models running on 500+ variables and 300+ contextual triggers are evaluated every day to offer the most contextual offer to customer.

Final xsell offer is made optimizing on customer needs and focus areas for the Bank

Attrition: In order to prevent value erosion due to attrition of an active customer, models have been created to predict customers who are about to attrite. Further, we run an engine to identify the reason of attrition.

Triangulation Framework: Action basis persona and value is taken. All the above action get triangulated basis life cycle priority, revenue, urgency etc to serve best offer to customer across multiple channels of the bank along with reason for the nudge and contextual pitch.

The communication is Omni channel with place-holders across Retail Internet Banking (RIB) i.e. Website, Mobile App, Call-centre and Branch Banking.

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