Social Listening
VALUE PROPOSITION
- Improving customer satisfaction survey scores, reducing churn, and surpassing revenue growth estimates from triggered customers
- Increasing revenue from investment activities and growth of individuals’ total ratio of invested assets to net worth, by automating triggering events from external sources
- Enabling the private bank to achieve a Major Digital Transformation leap, by utilising ELEMENT’s revolutionary schemaless Knowledge Graph technology
- Lowering Total Cost of Ownership by shifting to OPEX via cloud infrastructure and PaaS. Decreasing labour-intensive tasks by providing a process-centric, AI-embedded application
Refinement of interactions with high net worth customers of a private banking and wealth management brand owned by one of the world’s largest banks, by deriving insights from open data sources, including journalism and social media
BACKGROUND
The bank focused on serving high net worth individuals, who commonly are mentioned in the public domain, e.g. in journalism and social media
Gaining individualised insights and deepening client knowledge involved labour-intensive monitoring efforts, with limited ability to respond quickly to important events, missing opportunities to engage with its client base
Dependency on human judgement caused biased decision making, lacking statistical objectivity
TARGETS
- Gain individualised insights and deepen knowledge about clients
- Automate the processing of large volumes of data, enabling timely response to important trigger events
- Reduce labour-intensive data collection and analysis performed by relationship managers
ADDRESSING THE NEED
- Created a rich client profile composed of internal and external information, achieving a 360-degree, holistic view of the client for a greater level of understanding
- Configured targeted notifications for further customer interaction in a timely manner, alerting when it is possible to help the client with financial or other life needs. Trigger events include wealth events (IPO, business sale or house sale), risk triggers (negative press, court proceedings, sanctions), life events (marriage, childbirth, house move), and product needs (investments, pension planning, philanthropy support, etc.)
Other Use Cases
