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1. Identify how predictive analytics was used to solve the business problem. Explain
how the predictive analytics solution works.
It starts with a granular understanding of each customer’s banking needs drawn
directly from lots of customer data points. Using predictive analytics models
developed by Mark's staff, each customer is “scored” on their likelihood to purchase
each product in First Tennessee’s portfolio. Through this approach, benefits the bank
as it helps the bank’s marketers to pinpoint product clusters that represent “sweet
spots” for cross-selling opportunities.
2. What were some of the predictors used for the predictive analytics model?
Some predictors used are the leveraging predictive analytics which is the First
Tennessee Bank applies in the ultimate acid test. It’s combining a granular
understanding of the needs of customer segments with real P&L data to optimize its
marketing spend, focusing on programs that deliver the highest ROI.
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3. How did Dan Marks build an analytics culture?
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Through predictive analytics it gives us the intelligence and insights we need to follow
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through on this commitment. Wherein, First Tennessee Bank uses predictive analytics to
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optimize their marketing resources to have more ways to communicate with
customers. But also, figure out where and how to choose the most profitable use of
their marketing resources. First Tennessee Bank is combining a granular customer
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data and optimize its marketing spend, focusing on programs that deliver the highest
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ROI. The bank has created a predictive model that generates a quantitative measure
of the expected profitability of a given product offered to a specific subset of its
customers.
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First Tennessee Bank has achieved 600% overall return on its investment
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