Cultivating a long-term customer relationship requires intelligent marketing efforts based on a solid understanding of the types of products a particular customer or group of customers would most likely be interested in based on their past behavior. Aunalytics has nearly a decade’s worth of experience assisting our clients with data analysis projects and now offers the fruits of that experience as the Product Propensity Report Framework for our Daybreak™ Analytic Database subscribers. The Product Propensity Report Framework (PPRF) provides a customized dataset with an individualized analysis of every customer’s propensity for new financial services products by type. Think of it like a PivotTable in Excel with a row for every customer and columns representing each of the products your institution offers with a propensity score showing the likelihood that customer might opt for that product.

Product Propensity Report table

The preceding example is purely illustrative since every Product Propensity Report is customized to the types of products and services offered by our clients, but it shows the general structure of how such a report might look like for a client offering five different products. In this example, customers receive a decimal score (0-1) for each product, or an indication that the customer already has that product (NA). In this example, we can see that Jane Smith is predicted to be very likely to open a checking account or possibly a credit card account, whereas John Doe and Jill Ramos will likely open a credit card account, and Jack Jones will most likely be interested in a retirement account.

Aunalytics generates these Product Propensity Reports for clients based on a machine learning algorithm that learns about new accounts opened from your organization’s historical data. This algorithm digs into data about transactions and current product utilization to construct a model that can identify future customers’ propensities based on patterns in this data. The output of this model is tailored uniquely to your organization’s product offerings and trained on your organization’s data in order to provide you with reporting that gives you a deeper glimpse into what your customers are after and how best to tailor your outreach to connect those customers with the products and services they are most interested in.