Advancements in AI now enable the development of powerful and highly explainable models to accurately predict multiple aspects of customer behaviour.
We utlisied our multi award-winning modelling platform, Archetype, that enables the rapid development of ‘state of the art’ predictive models based on Deep Learning. This provides clients with the ability to extract maximum value from their data throughout the customer lifecycle, from improving risk assessment at the onboarding stage through to predicting customer attrition or inactivity. This presents multiple opportunities to improve profitability and deliver positive customer outcomes. Virgin Money has used Archetype to better predict customer switching likelihood, facilitating targeted marketing and personalised offers that improve customer satisfaction and retention. Archetype significantly outperformed existing models on the same data, delivering double-digit improvements in predicting customers likely to leave.
“AI is clearly a technology with immense potential, and we wanted to test the ways in which it can provide practical support to our team by improving the customer experience, increasing the effectiveness of marketing for our credit card customers and enhancing our credit risk processes. We were impressed with the results from Archetype and are now exploring how we can incorporate it further within our business
Head of Analytics, Virgin Money
Uplift in power on the Out of Time sample through using the model developed within Archetype
