Digging Deep for Wealth Insights

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In 2017, one of the largest banks in Thailand by total assets approached PulseMetrics for a deep drill down into their customers’ profile. In order to boost the turnover of financial instruments and improve customer relations, the bank wanted to build an elaborate and holistic single view of their customers in regards to their wealth and attitudes on spending, saving and investing. Over the course of six months, our consultants produced several advanced segmentation models for estimated total wealth, customer engagement and psychographic spending habits.

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Peeling Away at Psychographic Profiles

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The ‘Saver, Spender and Investor’ segmentation model was a game changer in the psychographic analysis of our clients’ customers. Within a month, our team revealed deep insights on customers’ attitudes towards money. To identify where each customer lied on the three-dimensional spectrum, We developed three scoring models: money management ability, propensity to spend, and interest in investment. Each of them used several features from the foundational stage of data cleansing and enrichment, such as card affinity score, luxury score; and were based on customer data in deposits, credit card usage, secured lending and investments.

We also employed cutting-edge statistical methods such as the XGBoost regression analysis between reference and inference groups in order to accurately predict similar behaviour in other customers. Over the next six months, our consultants validated the three scoring models by implementing different sales strategies on test and control groups.

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Knowing Who to Target

As a result of our work, the bank profiled its customers by their attitudes towards money and spending habits. We also showed that the investors with the top score on all three models had the highest estimated income, assets under management, investment market value and purchase value. Our client then deployed personalised and targeted sales strategies to give the right offer to the right customers. Through our expertise in advanced analytics, we have enhanced customer targets, sales, and even customer delight in the process. Our work has proven successfully in hacking customer acquisition and improving lead generation.