Upselling Lumpsum Financial Products through Predivtive analytics
For a Large Wealth management Company
CLIENT & PROBLEM STATEMENT
- The client needed to enhance their upselling efforts by identifying and targeting high-potential customers for lump sum financial products
- Automate the process of identifying, scoring, and targeting customers using predictive analytics, integrated with their CRM system.
- Increase the number of customers investing in lump sum products. Boost overall gross sales from existing customers.
APPROACH
- The available customer data was cleaned and transformed, including encoding categorical variables and performing log transformations on skewed transactional data.
- Features were created from historical investment data, customer demographics, and transaction patterns to better capture customer behavior.
- Principal Component was applied to reduce the number of features, ensuring that the model focuses on the most influential factors for customer upselling propensity.
- After identifying the target customers, probability adjustments were made to set realistic expectations for gross sales and customer targeting.
SOLUTION & OUTPUT
- The model successfully identified customers with high propensity for lump sum investment.
- The solution was fully automated and integrated into the existing CRM tool, Clientrator. This allowed for seamless data fetching, daily customer scoring, and real-time monitoring. Upselling efforts were automatically triggered based on the model’s prediction.
- Achievement of Target Gross Sales: 125.5%.
- Achievement of Achievable Target Amount:1808.0%
- Achievement of Target Number of Customers:30%