Client value management
A large bank within South Africa was looking to deliver hyper-personalised product and service recommendations for their retail clients. The existing methods to engage with clients were outdated and manual, requiring extensive time to plan and deliver marketing campaigns for clients across basic segmentation profiles. The bank is on a high-growth trajectory with substantial increases in client growth and product offerings being planned for release into the financial services market in the near term.
Melio was engaged by the head of data science to assist them in resolving their challenges and developing the initial product recommendation engine. Melio was responsible for:
Improved Revenue: Achieved ~30% revenue improvement through targeted up-sell and cross-sell engagements, powered by ML recommendations.
Reduced Client Churn: Witnessed a substantial drop in client churn due to more personalised, relevant client communication enabled by enhanced data quality.
Proof-of-Value: Demonstrated the tangible benefits of AWS services, particularly SageMaker ML and Bedrock for generative AI content, paving the way for impactful AI adoption.
Skill Enhancement: Accelerated ML development and deployment skills within the bank's data science team, fostering a more proficient and capable workforce.