Enabling advanced predictive interventions to enhance retention for high-value B2B clients
Benefits & Results
Background
ICBC is China's largest bank and the world's largest bank by market capitalization. It provides a comprehensive array of banking products and services, including corporate banking, personal banking, and treasury operations. ICBC is known for its extensive customer base and manages a vast network that includes digital banking services catering to various customer needs from individual banking to large corporate finance solutions.
Challenges
Issue Identification: ICBC aimed to enhance long-term loyalty among its high-value B2B clients but faced significant hurdles in accurately predicting and identifying churn risks among clients with substantial customer lifetime value. The lack of actionable data insights prevented the bank from effectively customizing loyalty programs for high net worth customers.
Issue Impact: The inability to predict churn among high-value B2B clients led to revenue loss, inefficient resource allocation, competitive disadvantage, brand impact, and strategic setbacks.
Solution
NowVertical developed a detailed data science model that analyzes historical transactional and behavioral patterns to identify potential indicators of churn. This model assesses the likelihood of churn for each B2B client by quantifying their risk based on past data trends, providing a strategic tool for client retention.
Implementation
- Data Collection and Preparation: Gathered and cleaned historical transactional and behavioral data.
- Data Modeling: Used machine learning techniques to analyze patterns and predict churn indicators.
- Integration: Integrated these insights into a dashboard to quantify and monitor churn risk for each B2B client, enabling proactive retention strategies.
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