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regular promotions, contextual offers can started leveraging new-age Machine
also be used for cross-selling or up- Learning techniques to identify nano-
selling, thereby strengthening consumer segments and extend better tailor made
relationships. In such cases, specific offers and services at the right time, right
instances like a customer’s account place and through the right medium.
balance not being able to cover a
purchase or the customer exceeding the Financial institutions have an opportunity
bank credit limit could act as triggers to learn from the techniques applied in
to enable actions such as offering an the telecom and retail industries. Given
overdraft or extending his or her credit the change in competitive landscape and
limit. customer profiles, financial institutions
do not have many options but to adopt,
In the digital age, customers expect
banks to understand their preferred adapt, and grow
communication channels, willingness to
share personal data in various scenarios
and ability to engage. A new model – The challenge, though, for
referred to as “bring your own persona” the financial institutions,
(BYOP), built on the foundations of digital especially those targeting
capability and customer relationship - the retail and MSME sectors,
will emerge on a large scale.
is to discover new segments
Telcos and retailers have that can potentially provide
shown the way higher returns and do so in
Players in the telecom and retail sector compliance with the core
values of the institution.
have innovated substantially in the digital
marketing space. They have already
16 INSIGHTZ - VOLUME 03, 2018
