Despite the staggering statistics, the banking industry has been slow to adopt AI technology. However, at Micronotes, we've got your problem solved.
In our past blogs, we’ve drilled into the benefits of interview marketing and cross-selling from a sales and revenue perspective. At the core, the Micronotes platform helps financial institutions cross-sell more effectively, which not only reduces marketing costs, but also improves customer loyalty and retention.
Spending money to acquire customers that leave the bank is not only frustrating but, it's expensive! Once effective onboarding and cross-selling systems are installed, banking institutions need a way to predict which customers are at risk of leaving so they can take decisive actions to keep attractive customers.
In 1992, MIT Professor Patrick Henry Winston defined Artificial Intelligence as:“Artificial Intelligence is the study of the computations that make it possible to perceive, reason, and act.” This definition has proven to be pretty durable so, let’s step through an AI-based marketing application using Winston's words as our guide.