AI Case Study
Danske Bank improved marketing campaign hit rate by 400% by using machine learning to identify preferred means of communication
Danske Bank, the largest bank in Denmark, set up an advanced analytics and machine learning group. They wanted to model what were customer's preferred means of communication such as email or phone. With machine learning models they have improved targeting of marketing campaign increasing the hit rate by 400%.
”'By analyzing customer data we were able to identify the customer's preferred means of communication, such as phone, letter or email. [This sort of valuable info] has helped improve our marketing campaign hit rate by a factor of four,' Büchmann-Slorup says."
They claim they have improved the marketing campaign hit rate by 400%.
Machine learning for predictive models
Danske Bank has "created an in-hose startup, Advanced Analytics, whose sole purpose is to shake things up with bleeding edge AI and Machine Learning technology."