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BluePi Empowers New-Age NBFCs with AI-Driven Risk Profiling, Personalization & Cross-Selling
Executive Summary:
This case study examines how BluePi enabled a new-age NBFC (Non-Banking Financial Company) to excel in partner selection, customer risk profiling, and personalized cross-selling strategies.
Background:
The NBFC faced challenges in expanding its reach due to inefficient partner selection, inadequate customer risk assessments, and limited capabilities for personalized marketing campaigns. This hindered the company’s ability to acquire new customers and maximize revenue opportunities.
Challenges and Objectives:
- Inefficient Partner Selection: Existing partner selection methods lacked data-driven insights, leading to potential risks and suboptimal returns.
- Limited Risk Profiling: Traditional risk assessment methods were insufficient to accurately identify and manage customer risk, impacting loan approvals and collection rates.
- Impersonalized Marketing: Generic marketing campaigns failed to resonate with individual customer needs and preferences, resulting in low engagement and conversion rates.
Solution:
BluePi implemented a comprehensive solution leveraging the following AWS services:
- AWS Redshift: Scalable data warehouse for storing and analyzing large datasets from various sources.
- AWS Glue: Data cataloging and preparation service for integrating data from diverse systems.
- AWS S3: Secure object storage for managing and archiving data.
- AWS KMS: Key management service for encrypting and protecting sensitive customer data.
Key Components of the Solution:
- Risk Profiling and Scorecard: Developed a sophisticated risk profiling system utilizing multiple attributes and data sources to accurately assess customer creditworthiness and predict potential defaults.
- Partner Analysis and Selection: Created a data-driven partner selection process based on lead performance, risk profiles, and historical data, enabling the NBFC to identify and onboard high-quality partners.
- Personalized Marketing and Cross-Selling: Leveraged customer profiles and behavioral data to personalize marketing campaigns and cross-sell relevant financial products, driving engagement and conversion rates.
- MIS Reports and Insights: Generated comprehensive MIS reports and dashboards with actionable insights, facilitating informed decision-making and performance monitoring.
Business Value Delivered:
The Impact: Measurable Success and Enhanced Relationships
- Expansion of Partner Network: Improved partner selection process led to a 20% increase in partner network expansion, significantly boosting lead acquisition.
- Enhanced Risk Management: Accurate risk profiling reduced loan defaults by 15%, improving financial stability and profitability.
- Increased Customer Engagement and Conversion: Personalized marketing campaigns resulted in a 30% rise in customer engagement and a 10% increase in conversion rates for cross-selling products.
- Improved Decision-Making: Data-driven insights from MIS reports empowered the NBFC to make informed decisions regarding partner selection, risk management, and marketing strategies.
BluePi’s solution delivered tangible benefits to the DTH company:
- Boosted revenue and profitability.
- Enhanced marketing effectiveness and reach.
- Data-driven strategic decision-making.
- Fortified relationships with channel partners and consumers.
Conclusion:
BluePi’s data-driven solutions for risk profiling, personalization, and cross-selling transformed the new-age NBFC’s customer acquisition and engagement strategies. By leveraging the power of AWS cloud technologies and data analytics, the NBFC achieved significant growth and competitive advantage in the BFSI sector. This case study demonstrates the potential of data-driven approaches in driving business success and achieving financial goals within the ever-evolving NBFC landscape.
