Recommendation Engine – Marketing Use Case
The idea of the project is to have a recommendation system that can recommend products to customers. The product recommendation can be optimized and create new area for those product recommendations.
Unlike traditional propensity model, these are more robust with larger amount of data and sophisticated algorithms which have higher penetration but harder to explain.
Benefits for the company
Providing customized experiences to clients is one of the major roles that a bank plays. Based on customer transactions and personal information to suggest offers and extended services.
Banks also estimate what products the customer may be interested in buying after analyzing historical purchases. With this, banks will be able to recommend the product of the companies that have tied up with them.
Type of expertise/ AI domain
Internal data required
Products, Customer History, Transaction and purchase data