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%
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