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IIFL enhances customer value and generates insights using SAS Analytics

Committed to its strong customer-focus and entrepreneurial spirit, IIFL turned to SAS Analytics to enhance the processing speed and to achieve a greater analytical depth.

IIFL Holdings Limited is India’s leading integrated financial services group with diverse operating businesses, mainly, Non-Banking and Housing Finance, Wealth and Asset Management, Financial Advisory and Broking, Mutual Funds and Financial Product Distribution, Investment Banking, Institutional Equities, Realty Broking and Advisory Services.

With a strong network of more than 1600 branches spread across India, IIFL serves more than 4 million satisfied customers across various business segments and is continuously building on its strengths to deliver excellent service to its expanding customer base.

As financial services move online, it is critical to get a clear view of their most loyal customers to answer questions like: What is the value of a customer? What is driving that profitability? And what is the best opportunity to increase that value? What is the next best offer personalized to a customer profile?

Because financial services collect so much data on their customers, the information for answering these questions is generally available. The challenge is tapping into that data to understand customer value and, ultimately, run targeted analytics and campaigns in finding new ways to better acquire, serve and retain customers.

Equipped with a wealth of marketing, campaign and risk related information, IIFL turned to SAS Analytics to gain insights into customer wants, needs and the risk profiles. The first step: wrangling that data from different sources to make it useful in a consistent, trusted manner. With that done, IIFL used SAS Visual Analytics to measure campaign performance, lead conversions and to get a deeper understanding of its customers – and make that information readily available to the entire organization including teams from their diverse operating businesses.

With SAS Visual Analytics, the multiple business teams no longer need to wait for end of the month to analyze the branch performance and respective KPIs. Instead, branch-managers have up-to-the-day visibility of latest insights based on refreshed data, which enables them to make nimble decisions swiftly and confidently.

From daunting to transformational

Instead of waiting for a spreadsheet, IIFL allows staff to access – and visualize – data to create insights. SAS Visual Analytics makes information available in a governed, on-demand framework, so business unit leaders can consume those insights any way they want.

With guided analytics, IIFL is well-equipped to design target marketing and campaign activities to identify the best opportunities for each of its customers and prospects aiding to provide a more comprehensive view of who they reached and when. These insights help IIFL understand its customers at a deeper level, so it can focus on a productive engagement with its customers.

Challenge

• Give business units more autonomy in looking and understanding customer risk profile through relevant models and reports
• Enterprise-wide performance reporting of Marketing & Campaign Management
• Democratize information across business units

Benefits

• Reduction in data preparation time and runtime for analytics
• Enhanced the speed of analyses and simplified processes for efficient use of resources
• Quicker turnaround of insights, reports and explorations at varying hierarchies
• Finetuned prospecting efforts that build long-lasting relationship with customers
  

Ensuring data integrity

Effective data manipulations are built with necessary exceptional business logics and scenarios designed in the process to harmonize data coming from varied transactional sources. With exhaustive data manipulations and business logics built in the solution, combined with a user-intuitive reporting interface, analysts can focus more on fetching answers rather than validating business scenarios.

Mitigate risk and enhance marketing effectiveness

While most financial service conglomerates think about balance sheets and outcomes, IIFL is now thinking about how it manages customers and how to increase its customer base. The benefits are far-reaching.

With rigorous analytical models catering to predictive and prescriptive analytics including logical Customer Segmentation, Customer Risk Profiling, Next-best offer, Campaign Management, Loyalty & Marketing analytics, Credit Risk & Fraud Modeling and descriptive analytics including Customer Lifetime Value, Customer Profitability Dashboards, Campaign analytics, Collections delinquency, Collateral analysis, IIFL is well positioned to address adequate modeling needs and requirements.

Automated alert generating mechanism with effective business rules is deployed in the solution to trigger a deeper investigation and intervention wherever an anomaly is detected in the transaction. With SAS Mobile BI Application, information and alerts are now available on the handheld mobile devices of the users for quick turnaround and decision making.

Insights generated from SAS Visual Analytics are consumed at different hierarchical levels of the organization. The executive team uses the data that’s coming from these insights to talk about the current performance and future decision-making.

Analytics is fundamentally changing how IIFL thinks about its customer strategies, everything from prospect acquisition to service to retention and management. With these insights, IIFL is better aware of its marketing campaigns and risk profiling that create value which aids in finetuning the customer treatment strategies as well as customer acquisition efforts to generate high value returns.