About
Adding intelligence real-time signals to ML propensity models enabling bank to deliver 10x conversion rate via hyper-personalization offers !
Innovation presentation
Lending is one of basic product offered by most of the bank, but it very sophisticated and confusing from customers' point of view. The product was developed decades ago in the product driven era, resulting in various types including personal loan, line of credit, collateralized lending. While bankers may very familiar and clearly understand characteristics of each product, but customer are not.
At Siam Commercial Bank (SCB), we believe in customer centric approach where customers will be served and delighted with frictionless campaign journey. By adopting AI/ML techniques examine thousands of data points, we could discover if the customers have the need for cash.
Moreover, the models also help indicate what the best product that most fit the customer needs as well as his/her financial situation and preference.
But innovation not stop here !
Even knowing the customers help us to better serve customers and deliver improvement in conversion up to 3x, we go beyond the what (product) by adopting the data driven approach finding the when and how, hence the real-time triggers (signals) and personalization contents come in play.
From the customer activities and engagement on mobile banking application and other digital channels, we identify the key time-sensitive activities and integrate with our marketing activation platform, allowing those be pass thru as real-time trigger for the campaigns.
Once the realtime trigger be fired; the marketing platform will automatically construct the personalized communication indicating the product offering, promotion and the communication theme that suit for each customer.
All data driven approach forming the "what (product), when (trigger), and how (content) combined" has results in 10x lift conversion rate and 30x lift in response rate.
The above has demonstrate the impactful of data driven approach, therefore the migration from "batch and blast" on rule-based campaign has been expedited and the innovation been expanded for other products, i.e. wealth and protection.
Uniqueness of the project
This innovation project is one of the kinds where we create the impact by combining the
(1) what, (2) when, and (3) how that derive from the AI/ML model integrating with marketing automation engine delivering real-time hyper-personalized campaign.
Comparing with the market current practices; the campaigns are designed with at the most 2 areas; (1) what and (3) how. The lack of real time trigger not just cause time-decay impact but it also limit the personalization towards only product related messages, hence the testing and optimization also been limited.
While the combination of 3 pillars (what, when, and how); the hyper-personalization campaign could be constructed, executed, and optimized for the best performance at micro-segment or individual level.
To achieve the above state, it requires the power of AI/ML understanding and predict the best possible product and most impact signal, then the data exchange between AI/ML and Marketing Automation which need the proper architecture handling the load of signals, the various of segment and dynamic of customer stage, while on content management side, there is the needs for dynamic content blocks (or content velocity) and its management system. The linkage and integration among these 3 platforms may not be new to the market, but the way it been architect to work is not common.
Apart from platform, the great collaboration and understanding each other are crucial; our data science team has put the business hat to see and understand the way campaign be planned and executed, while digital marketer, both campaign and content, are also put ourselves into data science's shoes learning and deriving the useful insights provided. This work approach is unique and may not be easy to find in other workplaces.
