In a collections environment, an agent needs to follow up with numerous customers on their outstanding credit and the more distinct information the agent has on each customer, the better the agent will understand who they are interacting with and what the opportunities, risks and expectations of the collections call with the client are.
In an outbound sales environment, the agent needs to work through a long list of customers and the more information available to the agent on the customer, the better.
In Part One of this two-part blog, we started providing a short overview of just some of the propensity models that Principa has developed. In this Part Two, we continue to look at different types of propensity models available across the customer engagement lifecycle that are used to predict behaviour and solve business problems.
Propensity modelling attempts to predict the likelihood that visitors, leads and customers will perform certain actions. It’s a statistical approach that accounts for all the independent and confounding variables that affect said behaviour. The propensity score, then, is the actual probability that the visitor, lead, or customer will perform a certain action.
If 2020 was not hit by the COVID-19 global pandemic, many were touting 2020 as the year of alternative data. In the credit assessment world, data has typically incorporated demographic data and credit bureau data (where available), but now we are seeing alternative data playing more of a role namely in cellular behavioral data and psychometrics.
Genius Retain is an analytics-as-a-service offering that allows you to statistically predict the probability of your customer cancelling their account, identify which customers are worth retaining and how to retain or re-activate these profitable customers.
Companies with a clear plan to retain and activate dormant customers with a strong analytical overlay, can have a successful and profitable outcome. We discuss the value of a customer and how to retain and revive them.
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