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3LOQ is leveraging the power of artificial intelligence to create habitual habits with customers. Habitual AI helps decrease customer churn and increase the number of transactions.

Business Challenge

One of the major challenges facing financial institutions is customer attrition, or churn. Studies suggest it costs five to seven times more to attract new customers than it does to retain current customers. Studies have also shown that companies are more likely to retain customers who engage frequently with a product or service.

Financial institutions are undertaking the mammoth job of becoming both omnichannel and paperless while encouraging thousands of customers towards making digital channels their primary means of engagement.

Solution

3LOQ developed Habitual AI, an artificial intelligence (AI) based solution that could handle the complex, data-driven personalization required to tackle the problem of churn in a more personal, relevant, and meaningful way.

Habitual AI is currently capable of analyzing four terabytes of data and creating personalized recommendations for 20 million customers in six hours or less. Habitual AI increased adoption of digital and internet banking channels. Habitual Al automatically and securely personalizes customer communications while 3LOQ meshes proprietary advanced computing techniques with human wisdom to produce actionable insights.