Case study: Optimizing Marketing Budget Allocation for a Leading Financial Institution
About the Client
The client is a leading US based, diversified financial services company and provides retail, commercial, and corporate banking services to individuals, businesses, and institutions.
The client wanted to optimize the marketing budget across relevant digital channels to increase the online conversion rate and generate higher ROI. Given the competitive nature of the market, a growing need to master digital channels, and significant cost optimization targets, the client approached BRIDGEi2i for an advanced AI solution.
BRIDGEi2i partnered with the client to implement a machine learning based attribution model, which would facilitate prioritization of marketing channels and provide personalized customer experiences and thereby enhanced ROI.
The Data Engineering experts at BRIDGEi2i combined multiple data sources to apply analytics and derive insights.
- Clickstream Data:
- Online Transaction data:
- Campaign Performance data
Product Catalog data
BRIDGEi2i’s Financial Services practice and AI Labs collaborated to build a machine learning based attribution model that would be statistically robust and provide accurate predictions. The team leveraged the data prepared by the data engineers and developed a probability-based ML algorithmic model. Finally, they built a scenario simulator an interactive tool for delivering customized reports.
The AI Labs and consulting team at BRIDGEi2i deployed a combination of recommender and optimizer accelerators to simulate scenarios which yield various projections & outcomes for marketing activities. They interactive tool enabled users to apply various business constraints and filters and generate their own customized models and reports.