Elevating Member Engagement with Data-Driven Insights
A leading credit union, committed to delivering seamless and personalized member experiences to its 400,000 members, sought to enhance member engagement through data-driven strategies. The objective was to create a robust system for identifying key member journey triggers, enhancing overall member engagement at scale, identifying member churn blind spots, improving member adoption and retention, with the goal of being the primary financial institution for its members.
To achieve these goals, the credit union partnered with Tata Consultancy Services (TCS) to deploy TCS Customer Intelligence & Insights™ for banking, an AI/ML-driven customer analytics and real-time CDP software solution with prebuilt use cases for credit union. The solution seamlessly integrated with the credit union’s cloud data warehouse and marketing cloud systems to unify data from its core credit union solution, loan originating system, card management system, digital banking & CRM system to unlock actionable insights by leveraging dynamic customer segmentation, and rich analytical customer 360-degree view to drive enhanced member experiences, through personalized messages and micro-campaigns.
Benefits:
The deployment of TCS Customer Intelligence & Insights™ enabled the credit union to draw benefits towards improved member engagement, retention strategy, and campaign efficiency.
- Improved Member Engagement and Campaign Efficiency: The solution has enabled the credit union to automatically and intelligently trigger email micro- campaigns to deliver contextual emails to its members with the objective of re-engaging members and strengthening member relationships.
- Improved Retention: The predictive churn model score has enabled the credit union to detect early churn propensity of its members to support and drive its retention strategy.
- Data-Driven Decision Making: The solution has equipped the credit union to efficiently build tailored marketing strategies, ensuring high touch point outreach efforts which are aligned with its member needs and behaviors by leveraging AI-powered predictive analytics, micro segmentation and holistic analytical member 360 view.
- Faster Time to Value: Business users can use the insights generated by TCS Customer Intelligence & Insights™ for banking within a few weeks.
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