Realtime Hyper-Personalization Digital Lending Qorus Banking Innovation Awards 2022 - Winner

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.