Co-operative Financial Services, one of Britain’s largest financial services organizations, is deploying KXEN analytics to sharpen its marketing, KXEN said today.
CFS brings together The Co-operative Bank, Co-operative Insurance Society and smile. The company offers financial products including traditional banking, Internet banking, credit cards, loans, pensions, unit trusts and insurance. It has 7 million customers.
Using mathematical rather than traditional statistical techniques, KXEN analytics boosts the speed and accuracy of analytical modeling and improves the response and take-up rate from direct, postal, e-mail, Web and telephone campaigns, according to KXEN.
At Co-operative, one of the first models built by the customer insight team with KXEN led to a significant increase in campaign performance, yet required much less time to build and apply than previous models.
“We demonstrated that the model worked exactly as predicted, and it showed a good uplift and benefits as a result,” said Neil Pollitt, CFS customer insight manager.
More than 100 customer organizations use KXEN analytics including Legal & General, Powergen and Barclays Bank.