Best Big Data & Analytics Initiative is from Bank of China
5 min read
This bank implemented 3Cs—Customise, Connect, and Convert—powered by its Segment-of-One artificial intelligence (AI) model. The AI created more than 1000 personas, deriving over 30 differentiated messages for each campaign and over 50 real-time conversation prompts. The bank also launched a personalised RM Chat Investment by Video service.
AI initiatives contributed to a significant 30% growth in digital sales in 2022. Its tailored services doubled its private wealth customer base. Online click-to-buy transaction counts increased by over 62% in forex and 49% in term deposits.
Over 90% of its marketing campaigns increased conversion rates by three and a half times. Its real-time personalised intelligent pricing engine for foreign exchange (FX) achieved a notable five times uplift in sales conversion. Its AI frontline model increased the affluent-customer take up of FX, time deposit, unit trust, and life insurance products by five to 11 times, significantly higher than its peers.
For its Segment-of-One AI model, its contribution to incremental sales, strong uplift across businesses, and personalised marketing and customer experience, the Best Big Data & Analytics Initiative is from Bank of China (Hong Kong).