China Minsheng Bank Credit Card Center has implemented FICO Blaze Advisor decision rules management system to create an automated marketing system that provides targeted offers, which have witnessed a 10% to 15% jump in response rates.
The bank has reduced its time needed to launch a marketing offer to just days, which in turn leads to a time cost saving of 70%.
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By cutting down the time to market and personalising the offers, the bank has been able to increase the initial activation rate by two percent, while the initial transaction rate has gone up by 14%.
China Minsheng Bank Credit Card Center director of technology Jingiao Yu said: “We have improved our marketing efficiency, response rate and customer satisfaction, by upgrading our marketing campaigns to more personalised ones, using FICO’s world-class decisioning technology.
“The whole process is now automated, from data analysis to campaign review phases, and does not need manual intervention. We have reduced our costs and switched to a customer-focused model, rather than a product-centric model.”
China Minsheng Bank Credit Card Center (CCC) offers 366 card products to over 35 million consumers.
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By GlobalDataA competitive market made it necessary for the bank to make precise marketing offers to cardholders to maintain customer loyalty.
By automating a complex series of decisions, Minsheng CCC’s Blaze solution, an intelligent marketing system, carries out differentiated marketing for all its customers.
For instance, while gathering customer information, the solution collects and processes raw application data covering over 4,000 primary variables.
During decision deployment, almost 100 variables on customer risks and customer benefits, several scorecards, some card-use activities, lifecycle campaigns, a couple of upgrade campaigns, and the eligibility criteria for all campaigns are combined for advanced decision management in FICO Blaze Advisor.
Jingiao Yu said: “This is the first time we have used big data to guide marketing campaigns and to create further segmented customer management and precision marketing.
“The scoring model makes a scientific decision for each customer by assessing the customer’s credit risk, fraud risk and behavior profile. Automating approvals saves substantial time as well as operating costs, making us nimbler and more competitive.”
Following the implementation, China Minsheng Bank CCC has expanded the use of decision management to address other aspects of the lifecycle.
As part of the next step, the bank intends to use Blaze Advisor for a new online payment app.
