ABAKA.

By combining data analytics with behavioural science, ABAKA serves the needs of its clients by assisting them in building a truly customer-centric ecosystem across their range of products and services, to deliver a hyper-personalised customer experience.

Knowing that insurers, banks and wealth managers that can leverage data and apply AI to personalise their customer experience will ultimately deliver better value, ABAKA aims to help its clients by:

• Assisting them to extract and understand their customer data,

• Use this data to increase customer personalisation, and to curate products and services to better engage with customers.

In doing this, ABAKA helps its clients to move on from providing a disconnected experience across their range of products, potentially losing out to digital eco-systems that provide a holistic value proposition.

ABAKA’s Next Best Action is a proven AI-recommendation engine designed to help the financial industry, by addressing the need for delivering personalised customer life journeys with beautiful omnichannel digital experiences.

 

 

As ABAKA states:

The arrival of big data, AI and machine learning is now starting to revolutionise traditional marketing and the customer journey management processes.

 

The gathering, analysis and application of large amounts of behavioural and demographic data are providing companies with a richer understanding of their existing and target customers.

 

Next Best Action significantly accelerates how banks can access and mine data to deliver hyper-personalised digital experiences to their customers at scale.

By harnessing the power of machine learning and natural language processing, ABAKA gives its clients the ability to predict and deliver the Next Best Action to its customers or their advisors.

In doing this, ABAKA provides its clients with a significant improvement in customer engagement, retention and acquisition.

How does Next Best Action work exactly? Let’s take a look.

Step 1. When put to work, Next Best Action first brings together the client’s relevant customer data to existing plug-ins, APIs or pre-built CRN connections.

Step 2. It then augments that client data with other sources of data to gain enhanced customer insights. It does this by capturing proprietary data from customer app engagement within its personalised content feed, its AI-powered chatbot or within its lifestyle goals saving applications. It also adds external data from sources such as credit scores, health data, and social and behavioural data.

Step 3. From there, its AI identifies customer personas, while integrating client business rules and product requirements, in order to build insights and deliver a personalised experience.

Step 4. Using all of that gathered data, it predicts what Next Best Action will resonate and activate a customer response. It then delivers it to the right people, at the right time, through the right channel, whether that’s via chatbot, a personalised content feed, emails, notifications or socials.

Next Best Action has successfully been deployed across multiple financial institutions with excellent results across all relevant success metrics. Here’s how those results stack up.

 

Personalised Communications

• Up to 500% increase in engagement

• 38% increase in Net Promoter Score (NPS)

• Increase in product conversion from 3% to 31%

• Weekly active user base 30%

 

Estimated return on investment (Net)

• 338% ROI over 5 years

 

 

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