SUMMARY

Customer retention is a dynamic and important problem to solve in financial services. The customer acquisition cost, combined with cross-product churn and increased risk of unknown versus known customers, makes proactively predicting and preventing churn potentially even more important than increasing demand. Churn prevention is less expensive than acquiring new customers to replace the churners.

In this paper, we outline how TAZI’s Customer Retention Solution works. This solution is located in TAZI’s Solutions Library and it uses AI and GenAI together to provide more holistic and accurate results. Business Analysts configure TAZI’s Customer Retention Solution to fit their requirements and TAZI makes it easy for them to deploy, monitor, and continuously adapt the solution as data and business environment change. Minimum data science and IT resources are needed. 

We describe how continuous learning helps discover new evolving churn micro-segments. We also describe how business teams, such as marketing, operations, and customer outreach teams, can take churn prevention actions easily and quickly using TAZI’s explainable AI.

Please see the resources at the end of the paper to see how much you could save with TAZI and how you could create a tailored customer retention solution.

This is the first white paper in this series. In the subsequent papers, we plan to discuss the following, and more:  

• how to include customer 360 communications to predict and prevent churn 

• how to reduce training data requirements and increase transparency 

• how to increase both retention and profitability 

• how to reduce retention marketing costs

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