DataStraits iON - High Performance Marketing

"Match.com" for financial services

Historically firms have spent millions of dollars building solutions that give a 360 degree view of their customer base but rarely do solutions offer the reverse - ability for customers to have a 360 degree view of the firm, its product and services. DataStraits aims to overcome this imbalance through our flagship solution - High Performance Marketing (HPM).

HPM performs like the "best salesman in a box" for financial products - connecting consumers with personalized financial products. As shown in the figure below, at the heart of HPM, is a proprietary technology named iON which has three distinct modules - "Voice of Consumer", "Voice of Bank" and a Decision Engine matching the two while creating personalized product bundles.

iON System

Since HPM is cloud enabled, it can be implemented quickly and with minimum capital outlays and is truly a cross-channel solution. Clients can achieve multiple goals by using the exact same product across the three primary channels viz. "log-in", "walk-in" and "call-in".

When deployed on a self-service channel (web/kiosks) the HPM solution can significantly reduce the customer acquisition costs. While traditional direct marketing efforts have response rates below 1% and apply rates in single digits, our HPM solution has been benchmarked with response rates in the high teens and apply rates in the low teens.

When deployed on the branch and/or call center channels, the personalized bundles increase the product-per-customer metric from around 1.2 to over 3.6. These "high touch" channels, not only have higher apply rates but conversion rates also show significant rise thus increasing profitability.