Paris, France (PRWEB) December 14, 2007
Finansbank - Turkey's fifth largest financial institution - is using data mining technology from KXEN to help it better address a growing market for loans and credit, and at the same time stimulate new activity among dormant customers.
According to Kunter Kutluay, Finansbank's Director of Marketing and Risk Analytics, the benefits of deploying KXEN's technology are broad: "We saw an opportunity to improve our interactions with customers through data mining, simultaneously increasing the Customer Lifetime Value, and making Finansbank more relevant to our clients," he says.
It was after an extended evaluation of analytics tools that the Finansbank team chose KXEN's Automated Data Mining. Based on breakthrough mathematical thinking, it impressed the team with its ease of use by non-experts, the quality of the analytical models it produced, and the sheer speed of its operation.
"KXEN empowers business analysts to find answers to complex questions. It's easy to use, creates very good models, and the tool and methodology is very, very fast -- much faster than competing solutions," says Kunter Kutluay.
Within four months the bank had successfully reactivated half its previously dormant customers. This turned them back into active revenue generators, reduced the risk of them defecting to the competition, and also increased the bank's credit card transaction volume significantly.
With further data mining projects now completed the results have been more impressive still. Monthly credit card transaction volume has increased by well over the industry average and the bank substantially grew its market share in one of the most contested markets in Europe.
"The team couldn't have done it without KXEN," says Kunter Kutluay. "Unlike traditional tools with long cycle times, KXEN lets us make accurate determinations very quickly. The KXEN technology allowed Finansbank to shorten execution times and turn analytics into a competitive advantage."
The analytics team now has its sights on the full customer lifecycle across the bank's entire business. An early deployment in an investment cross sell application has already generated encouraging results by accurately identifying prospects for investment products based on a credit card holder's spending patterns.
"That was another very successful project and achieved a conversion rate five times better than expected based on the group we selected. Finansbank aims to maintain a sustainable competitive advantage through analytics, and KXEN is a key component of that vision," says Kunter Kutluay.
KXEN, the data mining automation company™, drives next generation customer lifecycle analytics for enterprises looking to compete on analytics. Unlike traditional data mining providers, KXEN offers unmatched automation to integrate robust and accurate decision support into core business processes. KXEN technology delivers large improvements in customer acquisition, cross-sell, and retention applications at more than 500 sites around the world. Founded in 1998, KXEN has headquarters in San Francisco, California and Paris, France. For more information, please visit http://www.kxen.com.