VakifBank Meridyen – next best action recommendation engine Qorus-Infosys Finacle Banking Innovation Awards 2024

Our project revolves around the development and implementation of a Next Best Action (NBA) recommendatıon engıne model designed to enhance the personalization of banking products and services. The primary objective is to leverage advanced analytics and artificial intelligence to predict and recommend the most relevant products and services to each customer at the most opportune moments.This includes loan offers, credit card recommendations, investment opportunities, and more, all tailored to individual customer profiles and behaviors.

The inspiration for this project comes from successful implementations of recommendation systems in other industries, such as e-commerce and streaming services. These companies have set a high standard for personalization, and we aim to bring a similar level of tailored service to the banking industry.

While propensity models predict the likelihood of customer actions, our next-best-action model takes personalization to the next level. It not only anticipates what each customer might do but strategically determines the optimal sequence of actions to maximize engagement and satisfaction.

Our Next Best Action Model goes beyond traditional marketing strategies by continuously learning from customer interactions, ensuring ongoing relevance and precision. This results in deeper customer engagement, higher product uptake, and ultimately, greater loyalty.