NeoStats boosted cross-sell marketing campaigns and facilitated Credit limit increase for a leading UAE bank by using advanced analytics for estimating salary for non-salary transfer base.
Income data is crucial for banks to effectively segment their customer base, personalize marketing efforts, and offer targeted financial products that meet the specific needs and aspirations of different income groups.
Saved one time cost on incurring salary data
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M
Incremental Revenue Per Year
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M
Accurate prediction
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%
Situation
Accurate client income information is crucial for driving customer lifetime value growth across various areas. The bank faced challenges due to unreliable and outdated salary data, with 74% of its active customer base consisting of non-salary transfers. This situation prevented the bank from accurately knowing its customers’ true income
Challenges
- Contacting ineligible leads
- Lose of potential clients by not contacting clients with historical low salary although their current salary was sufficient
Solution
Leveraging AI/ ML algorithm to estimate salary for non-salary transfer base.
