Ipiphany™ is 100% customer focused Artificial Intelligence software. It’s being used to solve the biggest customer orientated problems faced by organizations and to transform Customer Intelligence lead decision making. Whilst the diversity of industry applications for Ipiphany™ grow daily, Ipiphany™ is best proven in the core service industries of Banking and Financial Services, Telecommunications and Utilities Retailing.
Ipiphany Client Success Story
Client: Major global bank
Dollar Saved: $7M+
Issue SOLVED: Customer churn
Consider the case of one of Touchpoint Group’s global banking clients that was experiencing customer churn in one of its term investment products. Customers of the bank were opting not to renew maturing investments and were taking their deposits to competitors.
In trying to pinpoint the root cause of the churn, the insights obtained internally by the product owner and supporting analysts took six weeks or so using manual coding and an enterprise text analytics tool. The conclusion was that renewal interest rates offered to customers weren’t competitive. The recommended course of action was to increase the interest rate, obviously, at the expense of profit margin.
Engaging with Touchpoint Group, as a last step, before presenting the business case internally for approval, the bank imported and re-analyzed the customer data in Ipiphany™. Almost immediately, Ipiphany™ identified unexpected patterns and themes unknown to the previous analyses. “Interest rate” was a theme that ran through the findings but unlike the extensive analyses, already undertaken by the bank, Ipiphany™ showed clearly that it was not the root cause. The root cause was proven to be a misalignment of renewal related service communications, bank policies and timing relating to maturing investments, in summary, internal processes. Customers that were previously motivated to seamlessly renew their investments were through this misalignment and subsequent poor experience, being given the opportunity and motivation to shop around. Furthermore, the contact center teams had neither the product training or approval protocols in place to enable them to resolve customer renewal challenges swiftly.
With this insight and confidence, the product owner abandoned their case for a rate increase and made the case instead for immediately changing their product, marcomms as well as their customer care training and procedures. At the ‘eleventh hour,’ the bank had the validation and confidence to undertake very targeted remedial action on the real root cause. Churn was materially reduced whilst at the same time $7m was saved since the bank didn’t have to take any interest rate increase action.
Success stories like these are powering the adoption of Ipiphany™. Ipiphany™ is data-source agnostic meaning that organizations and users will, for the first time, extract previously inaccessible insights combining structured and unstructured data so that the correct decisions are made in pursuit of improving financial performance.