Andersen, a leading provider of software services, announces the successful completion of an IT project in collaboration with a German retail bank. A team of experts helped the institution transform operations, harnessing the power of data-driven insights and pioneering technology.
Andersen’s customer has a vast clientele of over 10 million individuals. It strives to enhance its services and tap into untapped potential within its customer base. Therefore, the bank’s management recognized the necessity of a robust digital platform that would provide a comprehensive 360-degree view of each customer. The resulting solution identifies clients with a high propensity for cross-sale offers and delivers personalized engagement strategies. This greatly influences bank/customer interactions and improves overall efficiency. The project took 22 months to complete. Andersen's dedicated team established a unified 360-degree client view database for the bank. It thoroughly archives historical interactions, offers, and calculated NPVs for products and channels. Thanks to a unique approach, offers are distributed using a black-box mechanism, incorporating test and control groups. The intricate logic governing the offer assignments, often managed by diverse departments and systems, was ingeniously handled by Andersen's experts.
Andersen's strategy revolved around three critical elements:
- Revamping legacy data infrastructure
The project addressed the bank's complex data warehouse challenges, providing cost-efficient alternatives and enhancing business intelligence capabilities.
- Optimizing data synchronization
Streamlining data flow between client applications, channels, data warehouses, and record systems ensured real-time accuracy and reliability.
- Harnessing the data lake
Andersen's team diligently worked on enriching the customer's data lake, enhancing its utility and analytical potential. Specialists who worked on the project used cutting-edge technologies, including Python, MongoDB, PostgreSQL, and Apache Kafka. This helped them create a robust and adaptable infrastructure. Andersen started the project by thoroughly analyzing the bank's existing infrastructure and comparing it to the desired state. Meticulous market research supplemented this effort, culminating in a strategy to migrate the system to an open-source data lakehouse.
A key challenge was deciphering the intricate logic behind test and control group assignments. Andersen's team devised a comprehensive offline evaluation methodology, counteracting historical biases and minimizing the risk of unfavorable policy adoption.
Andersen's innovative solution introduced a bias control and correction procedure to rectify potential historical data biases. The development of a core model centered around product and channel balance allowed for precise estimation of sales probabilities, further facilitating tailored next-best offer strategies.
The collaboration between Andersen and the retail bank resulted in impressive achievements:
- A significant 40% increase in conversion rates due to tailored offers, showcasing the impact of personalized engagement;
- An outstanding 87% customer satisfaction score, showing a high level of customer happiness with selected products;
- A remarkable 23% rise in read rate and click-through rate, highlighting the success of the improved engagement strategy.
The fruitful partnership between Andersen and the retail bank establishes a new standard in the financial services sector. This achievement not only underscores the power of data-driven knowledge but also reinforces the company’s dedication to creating inventive solutions that reshape entire industries.