Why intelligent recommendations?
Customers expect brands to know them better
Most consumers are annoyed by repetitive, generic offers—78 percent are likely to engage with a brand only when promotions are directly tied to their previous interactions.1 By automatically detecting decision points and proposing appropriate actions, Intelligent Recommendations can maximize the odds of a purchase or cross-sell.
Consumer preferences are difficult to understand
Companies must go beyond hard data, such as transaction history, to comprehend customer sentiment, which lives in online chats, emails and social posts. Using natural language processing and sentiment analysis, Intelligent Recommendations uncovers opinions found in unstructured data for better insight into customer preferences and habits.
Relevant offers must be made at the right time
A customer may have a propensity to buy, but sales are lost when offers come too early or late. Intelligent Recommendations leverages historic trends and realtime data to make relevant offers at purchase interactions.
Intelligent Recommendations from OpenText™ Magellan™ helps companies optimize customer experiences on every channel, from online shopping to customer service. It gives businesses the ability to monitor customer preferences, predict their needs and deliver highly personalized experiences. By leveraging AI and big data analytics, Intelligent Recommendations can predict with increasing accuracy whether customers will purchase a particular product or service, and then serve up recommendations aligned with those preferences.
Intelligent Recommendations from OpenText Magellan at work
A large, multinational bank wants to improve the hit rate on new auto loans, credit cards and other products it offers its banking customers. Simply rotating offers on their online banking site isn’t working.
With Intelligent Recommendations, the bank can mine a customer’s past online activity, credit scores, demographic profiles and social and chat posts, as well as the behavior patterns of similar customers, to determine which product offers might appeal most, and when.
By improving product offering hit rates, the bank sees higher profits and gains better insight into customer preferences and buying trends that can inform future product development.
OpenText Professional Services:
Al & Analytics Services
The OpenText™ Magellan™ Professional Services team includes data scientists and experts on application machine learning, text mining and algorithms in data analytics scenarios.
They have a deep expertise with Magellan and analytics technologies and are experienced working with organizations across many industries to glean insight from their data.Learn more
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- Give the people what they want: Better financial product recommendations
- A deeper dive into intelligent recommendations