Case Study: Increasing Conversion Rates for Financial Services with Artificial Intelligence

Challenge

A global bank found that customer engagement was decreasing after the successful launch of a banking app in Mexico. A significant percentage of users were not engaging with the app a second time.As a result of this churn, the bank was at risk of losing many valuable customers. Relativity6 was tasked with determining which of these app users was inactive and had a high probability of returning. Incentivizing this segment was identified as a key strategy for future user growth and engagement.

Solution

Relativity6 used proprietary algorithms to segment populations between inactive users with a high propensity to purchase, and inactive users with a low propensity to purchase. The high propensity customer segment was drawn to within a 95% confidence interval.The population Relativity6 identified as high propensity was then sent a custom marketing message, and the bank realized a 137% higher conversion rate on that identified population.