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.
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.
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.
Developers can quickly and easily learn ECL, allowing them to create rules to refine and clean data from a multitude of different resources and increase data accuracy.Scalability
Massively scalable data platform supports rapid development from a growing set of real time data sources.Speed of Development
ECL allows for more efficient coding. Less lines of code in an implicitly parallel platform allow prototypes to be developed and iterated quickly, speeding both time to market and time to revenue.Real Time Analytics
Ability to handle massively diverse amounts of real-time data combined with built-in analytics libraries allow 3LOQ to influence customer actions when they can be most impactful.Homogeneous Platform:
Designed with operability in mind, no additional third party components are required thus simplifying the implementation and eliminating complexities that arise from heterogeneous platforms.