Business Challenge story
When banks grow fast, especially through acquisitions, it’s easy to lose the personal connections with customers that are essential to growth, customer retention and fending off competitors. To strengthen that connection, Banorte sought to infuse all of its frontline processes with deep insights into the customer to drive a more engaging multichannel experience.
Banorte is delivering precise personalized customer interaction on a very large scale. The business uses models to extract insights into how its customers’ lives are changing — whether it’s time for a new car, college tuition or a different kind of checking account — and using those insights to craft highly targeted cross-selling offers that hit the mark. The company is using “next best action” decision optimization algorithms to guide local branch and call-center representatives in their direct dealings with customers.
Banorte expects to generate a bottom-line benefit of USD200 million in the first 24 months of the project, with roughly 60 percent of that amount representing cost reduction and 40 percent signifying additional revenue. The bank anticipates increasing its operating efficiency by 40 percent and significantly boosting both customer retention and revenue per customer.
- Decisions - Legacy
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