Deloitte Middle East and Hewlett Packard Enterprise (HPE) have announced a successful proof of concept for a predictive analytics solution that is tailored to prevent dissatisfied customers from leaving by providing targeted marketing campaigns. This solution has already been implemented for banks and hospitals but can be tailored to other industries.
The companies began their regional collaboration in July following successful partnerships in the US and Europe. The regional POC has blended Deloitte Middle East’s analytics practice with HPE’s Vertica Big Data SQL analytics platform, to provide one GCC retail bank with the ability to analyse a series of behavioural traits among customers. Chief among these is the ability to predict if a customer could be unhappy with the service they are receiving, and be on the verge of leaving.
The insights developed by Deloitte Middle East and HPE have enabled the bank to reduce the number of customers who are leaving with targeted marketing campaigns to make them reconsider their expected defection.
“On average, it costs five times as much to acquire new customers than to retain existing customers,” said Rajeev Lalwani, Partner and Consulting Technology leader, Deloitte Middle East. “What is more important is to retain the profitable customers rather than retaining all customers. This targeted marketing and retention campaign will significantly improve the bottom-line of the organization.”
“Our solution is unique such that, we not only predict the high valued customers who are about to leave in the coming months, but also indicate the top predictors as to the why these customers would leave. In one case where we implemented the solution, we noticed that one of the key predictors to watch out for is when the monthly transaction count of a customer drops below 4. In another case, where we implemented the solution for a healthcare client, the key predictor was having a secondary condition associated with the main diagnosis”, concluded Rajeev.
Khursheed Ahmad Kangroo, alliances business manager, HPE Software, MEA, said, “It’s essential to prevent profitable customers from leaving, and we’re pleased to be helping companies avoid this happening with our technology and Deloitte Middle East’s advisory expertise.”
