Using Data Analytics for Continuous Improvement of CRM Processes: Case of Financial Institution

New Trends in Databases and Information Systems : ADBIS 2017 Short Papers and Workshops AMSD, BigNovelTI, DAS, SW4CH, DC: Proceedings. Communications in Computer and Information Science. Vol.767 2017
Pāvels Gončarovs, Jānis Grabis

Data analytics capabilities integrated with Customer Relationship Management Systems play an important role to enable customer-centric sales activities at financial institutions. This paper reports a case study on developing a data mining model to identify the Next Best Offer (NBO) for selling financial products to bank’s customers. The case study emphasizes importance of collaboration among data scientists and business representatives in iterative refinement of the prediction models. It has been shown that the iterative refinement and combination of various modeling techniques lead to accuracy improvement by 30% and facilitates acceptance of the modeling results.

Keywords
Data analytics, Next Best Offer, Analytical CRM, Data mining process, Combination of association, Classification and clustering
DOI
10.1007/978-3-319-67162-8_31
Hyperlink
https://link.springer.com/chapter/10.1007%2F978-3-319-67162-8_31

Gončarovs, P., Grabis, J. Using Data Analytics for Continuous Improvement of CRM Processes: Case of Financial Institution. In: New Trends in Databases and Information Systems : ADBIS 2017 Short Papers and Workshops AMSD, BigNovelTI, DAS, SW4CH, DC: Proceedings. Communications in Computer and Information Science. Vol.767, Cyprus, Nicosia, 24-27 September, 2017. Cham: Springer Nature, 2017, pp.313-323. ISBN 978-3-319-67161-1. e-ISBN 978-3-319-67162-8. ISSN 1865-0929. e-ISSN 1865-0937. Available from: doi:10.1007/978-3-319-67162-8_31

Publication language
English (en)