7 most impactful things Banks can do with TIMi & their data
Over the last few years, analytics has transformed the way the financial industry generates value, and since 2007 TIMi has helped banking clients in – at least – 7 impactful ways to drive more revenue, reduce churn, and increase operational efficiency. Today I will share some customer stories of banks and how they have gained and saved millions of dollars, by using and relying on TIMi, as the most powerful, and fastest data suite in the world.
Did you know, by the way, that in comparison to all other industries in our customer portfolio, banking is our biggest vertical by far? TIMi has a long-standing history of being trusted by banks as a real partner in their journey towards having the right tools to operate according to real data culture.
A data culture that is also empowering the people who make decisions, regardless of their data proficiency, to seize control over their data to drive better decision-making. All whilst not compromising on governance and access management, allowing data science and IT teams to keep control over the data.
The whole TIMi suite and TIMi Modeler are made by data scientists, for data scientists. Yet keeping non-technical and non-data-proficient users at the core of our TIMi Anatella product, for data preparation and self service analytics. Offering both, the best of both worlds.
Today TIMi would love to offer you some food for thought to banks and their stakeholders. Going from executives to business, data, and IT leaders, on what you too, could achieve at your bank, with TIMi.
1. Increased conversion in customer acquisition campaigns
Using TIMi, a customer managed to build models and audiences faster and they suddenly gained the ability to launch smaller, much more accurate campaigns. TIMi also helped them with building models on specific products, rather than on larger product categories, which is now the new standard at BNP Paribas. All of this resulted in significantly higher conversion rates, by a factor of 8.5 to be precise: from 4 percent conversion up to 34.
2. Increased sales performance by profiling high convertible prospects
TIMi helped a consumer credit company to develop a model to improve the acquisition by profiling the high convertible prospects and contacting them proactively. This lead to an increase of sales performance by 4 times (6.2% vs. 1.5%). All while we improved the conversion in such a way that it resulted in an additional gross revenue of €3.5 million with an unchanged cost structure.
3. Increased upsell by detecting TOP-15% of clients to focus on
We helped a bank with modeling the detection of the top 15% of clients to contact, specifically at two critical moments in the year. In this case, being April & December. 26% of the business clients in this top 15% bought a credit. That is 1 out of every 4 people contacted. Resulting in a 12.3 million € increase in the net margin with a cost reduction of €1.3 million, thanks to TIMi.
4. Increased accuracy of churn of business clients
TIMi partnered up with countless banks for the development of a model dedicated to business client retention, in order to identify the riskiest clients. Using this model, the bank contact the identified clients and reduced the attrition by 20% (From 10% to 8% per year). This significant reduction of attrition allows the bank to save 7.000 extra business clients, every year, by successfully targeting the riskiest clients thanks to TIMi.
5. Optimize payout probability
A bank and their team used a “time series model” where they extrapolated 2017’s data, which predicted a higher cash-out. Next to it, using TIMi, we modeled that for each individual the probability of “cash out” was lower than the year before. For most of the people that still have a specific product, this “point in time” is long gone. Meaning if they don’t do it then, the probability lowers. Our model proved that there were 250 million euros extra for AXA to invest vs the current model.
6. Bankruptcy prediction (professional customers)
We partner up regularly with banks to focus on the bankruptcy prediction of their professional clients. For one of our customers, the dataset is composed of public balance sheets which have about 500 variables, per year. The “raw variables” are not very interesting. It’s all about the evolution of these variables: how much increase/decrease in total revenue, from one year to the other. With TIMi we composed the final analytical dataset using 24000 variables because we included many “evolution” variables that are the ratio/difference of many different “raw” variables from one year to the other). To easily compute all these “Evolutions” variables, we used TIMi. Leading to 98% accuracy.
7. Easily clean up data sets of multiple data sources & create 1 customer view
TIMi’s Anatella is the most powerful tool in the world to easily and quickly clean up data. Especially when consolidating or streamlining data into 1 customer view.
This can happen across different countries where a company might be operating in. Or when they historically or to this day, use different systems. Post-merger, we also see this a lot at banks, for example, the use of multiple CRM systems and a need for an easy way to clean up the data and make sure it’s the same in all three systems.
Are you an executive, business, data, or IT leader at your bank, and did this catch your interest We’d love to explore what gains and savings TIMi you too can realize, by using TIMi, at your bank.
Feel free to reach out and we sincerely hope learned something new, on what is possible with TIMi.