The leading Indian bank harvests micro-moments to improve customer engagement and increase revenue from real-time offers.
Executive Summary / Overview
One of the India’s leading bank, in partnership with Persistent, implemented a Real-Time Offer (RTO) platform using Confluent Kafka to enhance customer engagement and revenue.
This platform leverages real-time transaction monitoring and a distributed architecture to deliver personalized offers instantly. By matching transaction data with customer profiles, it improves marketing efficiency and customer satisfaction through rapid feedback and agile adjustments, enabling bank to provide highly relevant and timely offers to its credit card customers.
Highlights
- Manages millions of personalized offers daily.
- Real-time processing and harvesting micro-moments to improve customer engagement and increase revenue from real-time contextually valid offers.
The Story
Challenges
Slow turnaround times of customer onboarding
Slow to roll-out new product features
Slow, manual operations, prone to data entry mistakes
Solution Approach Used
The system monitors credit card transaction data from thousands of retail Point of Sale (POS) terminals and online channels in real-time, profiling them against customer behavior to determine the next best offer. Leveraging Confluent Kafka and distributed architecture, it manages millions of personalized offers every quarter cost-effectively. The time to market and feedback management for an offer is reduced from days and weeks to hours, enabling real-time adjustments and experimentation.
The RTO platform incorporates streaming analytics, in-memory grid, and distributed queue technology, built on a combination of Oracle and open-source stacks. Transaction data is matched in real-time with customer demographics and reference data from the Data Warehouse. Pre-defined business rules are evaluated against this data, and a customized offer is sent to the customer’s mobile and email ID in under a second.
Outcome and Benefits
The RTO platform serves a variety of up-sell and cross-sell offers ranging from instant loan alerts to limit upgrade recommendations, plus merchant-specific offers on spends in specific categories like travel, hospitality and jewelry. The interactive SMS and emails sent to the customers enable a conversation between the brand and the consumer.
The feedback captured is used to tweak offers and improve the marketing campaign’s efficiency without IT intervention.
Technologies Used
- Kafka- Coherence
- Golden Stream Analytics
- Coherence
- Golden Gate
- Java
We wanted to create personalized experience for our customers and thereby provide more value to them. CAPIOT helped us in building highly scalable real-time offer platform for our Credit Card customers, leveraging best of the technology stack enabling us to create customer delight
Deputy Vice President IT, Leading Indian Bank
