In a groundbreaking move for the financial services industry, Alkami, a prominent cloud-based digital banking solutions provider in the U.S., has unveiled its Engagement AI Model.
This innovative solution leverages the power of artificial intelligence (AI), machine learning (ML), and Alkami’s unique Key Lifestyle Indicators (KLIs) to offer financial institutions an unparalleled edge.
Here’s What the New Model Brings to the Table:
Deep Engagement Analysis: Financial institutions now have a tool that zeroes in on account holders showcasing behaviors conducive to enhanced retention and account expansion. This sharp focus on engagement paves the way for intensified interactions with products, services, and digital platforms.
Attrition Model Enhancement: The traditional attrition model helps institutions spot account holders on the brink of departure, paving the way for potent re-engagement strategies. Alkami’s internal studies reveal that account holders with high attrition risk scores are 15 times more likely to desert an institution compared to those with high engagement scores. The Engagement AI Model elevates this system by redirecting the spotlight towards nurturing and expanding the base of deeply engaged account holders, ensuring better resource allocation.
Insightful KLIs Integration: “When we looked at the full spectrum of attrition scoring, our research showed that attrition is significantly lower among highly engaged account holders, so we developed a model that not only identifies these highly engaged account holders but also layers in Alkami’s KLIs—labels describing the type of transaction or behavior a customer or member engages in—to best predict which behaviors drive incremental engagement,” commented Mark Leher, the Director of Product Management at Alkami.
Daily Assessments for Growth: The model doesn’t rest. Every single day, it evaluates the entire account holder base of a financial institution. By recognizing patterns that historically signaled heightened engagement, institutions can seamlessly roll out hyper-relevant campaigns, ensuring higher efficiency in driving growth. This not only brings down the cost of acquiring new accounts but also equips institutions to engage prolifically with those predisposed to respond positively to specialized campaigns.
Alkami’s Engagement AI Model is a transformative addition to the financial services sector. By prioritizing genuine engagement and leveraging cutting-edge technology, Alkami is setting a new gold standard. Institutions that harness the power of this model stand to benefit from deeper customer relationships, better resource allocation, and a solid foundation for future growth.