New dynamic insight solution helps banks harness customer insights to better predict life events
AKRON, Ohio–(BUSINESS WIRE)–July 11, 2017–
Segmint today announced a strategic partnership with IBM to integrate Segmint’s Key Lifestyle Indicator® (KLI®) technology with two IBM financial services solutions: Customer Insights for Banking (CIB) and Customer Insights for Wealth Management (CIWM).
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A dashboard that uses IBM’s predictive analytics, machine learning, and Watson technology to develop dynamic segments of top insights, such as customer churn, that are enriched with Segmint’s KLI insights allowing banks to explore and understand their customers through a detailed analysis of the customer’s data. (Graphic: Business Wire)
CIB and CIWM leverage predictive analytics, machine learning, deep learning and Watson technology to create actionable insights that allow financial institutions to deepen relationships with retail banking and high-net worth individuals. Enriching IBM’s solutions with Segmint’s KLIs will provide a holistic set of customer insights at an individual level that can be put directly in the hands of front office personnel or used to drive targeted marketing and personalized offers.
This partnership combines the insights of IBM’s CIB and CIWM platforms with output generated by Segmint’s proprietary technology, KLIs. Within minutes, insights are generated that tell the unique financial story of each, individual customer including a complete picture of a customer’s:
- Financial product utilization
- Products with competitive institutions
- Onboarding break points
- Transactional spend patterns
Instead of grouping customers together solely by age, gender or location, Segmint optimizes a bank’s data and assigns KLIs to each customer based on real-time transactional behavior, actual activities and interests. Through KLIs, Segmint empowers banks to provide customized information and offers specific to each customer’s financial needs and goals.
“The ability to have a partner like IBM is a game changer, and ultimately we believe this endeavor will bring new business value to the retail banking space while enhancing the customer experience,” said Rob Heiser, president and CEO of data-driven, software solutions company, Segmint. “Every step of the customer journey is important and ultimately we want to unlock deeper customer insights that create more interesting conversations for financial institutions.”
The process of preparing data, performing analytics and delivering insights through the collaboration between IBM and Segmint will provide companies with all the information needed to responsibly grow, cross-sell customers and reduce churn. These insights and Segmint KLIs can:
- Identify attrition risk
- Strengthen customer onboarding
- Increase financial wellness
- Reveal a complete financial picture
- Expose competitive insights
Customers are demanding these capabilities as 80 percent said they expect their bank to provide them with information to help them make better financial decisions. However, just over a quarter (28 percent) of bank customers feel their bank provides them with information that helps them reach their personal financial goals and life events such as paying for college, saving for a down payment on a home, etc., according to the 2017 Segmint Consumer Bank Marketing Report.
IBM Customer Insights for Banking or Wealth Management enriched by Segmint Key Lifestyle Indicator® (KLI) technology is available now. For more information please contact Rachel O’Neill.
Segmint, Inc. is a leading provider of secure data-driven software for companies in highly regulated industries such as financial services. Segmint’s patented software activates large quantities of data by integrating predictive analytics, campaign management, multichannel message delivery and campaign reporting into one secure solution. Segmint’s Key Lifestyle Indicator® technology (KLIs®) helps organizations better understand their customers by analyzing actual consumer transaction data to anticipate real-time interests and needs. Segmint empowers companies to deliver relevant, personalized and secure marketing experiences across all channels at the precise moment customers are considering a purchase.