Micronotes’ machine learning suite now offers banking providers the ability to predict which attractive customers are at risk of attrition and take action to retain them.
CAMBRIDGE, Mass.—July 13, 2016—Micronotes, a cloud-based marketing automation company for financial institutions, today announced the availability of its Retain™ learning machine that automatically scores attractive customers for attrition risk and initiates retention actions.
Micronotes Retain addresses one of the biggest challenges facing financial institutions: How to retain desirable customers that are the targets of every other bank and fintech company?
“10-12% attrition rates are a huge drag on earnings in financial services,” said Devon Kinkead, founder and CEO of Micronotes. “Banking institutions, both large and small, that solve the attrition problem become very valuable, like Logix, USAA, and Wells Fargo. These firms deepen relationships with customers that are hard to break. Micronotes uses machine learning and digital interviews to deepen customer relationships and that capability has now been extended to learn which profitable customers are likely to leave and automatically initiates retention actions.”
Retain is available to Micronotes Cross-Sell™ Enterprise customers. Micronotes Cross-Sell Enterprise™ provides bank marketers with the ability to engage customers through online banking, mobile banking, text, and social media with predictive marketing. The full cross-channel interview marketing system easily integrates with a bank’s email or CRM systems. Enterprise requires a data feed and installation.
Other products that are part of the Micronotes suite include:
- Micronotes Cross-Sell Basic™, which allows bank marketers to easily and unobtrusively engage qualified customers online at logout using eight brief, high impact interviews. Since Basic requires no integration, banks can start interviewing their customers within 1 hour.
- Micronotes Cross-Sell Pro™, which allows bank marketers to engage existing customers when they are banking online. Pro is installed on the high traffic secure-side of online banking where user identification is critical and facilitates personalized, secure, one-on-one online interviews based on user profiles and interview responses and then routes sales leads to the appropriate sales contact. Pro requires a data feed and installation by Micronotes.
More product information is available here.
Across all of its products, Micronotes interviews typically take fewer than 12 seconds to complete and the average fraction of customers engaging in the interview process in any month is 32 percent.
Micronotes Cross-Sell is designed to serve small as well as large institutions and starts at $200 per month. Micronotes also offers a free-trial version of Micronotes Basic.
Micronotes is a marketing automation company serving retail banking providers. The company’s fast, automated and cloud-based digital interview platform applies machine learning to customer data to improve customer engagement and effectively cross-sell financial products through the digital service channels. A privately held company, Micronotes is based in Cambridge, Mass.