We notice that financial services clients express similar pain points when it comes to onboarding new customers and keeping existing customers engaged in their products.

One of the main factors that contributes to a prolonged onboarding process and customer attrition is the lack of effective use of integrated data sources to extract holistic insights about a prospect. This subsequently prevents business users from making data-driven decisions to provide effective marketing campaigns that drive customer growth.

We therefore decided to address these pain points using a data-driven approach that will not only enhance existing sales and marketing processes but will also make it easier for firms to carry out these activities without burdening the cost of additional resources. We were also motivated by this challenge to create a fun and innovative solution so that any user can understand the value that it will bring to real world scenarios.

What it does

Our solution aims to rapidly improve the onboarding and sales processes for new and existing small to medium-sized enterprises. In a single platform our solution:

  1. Provides business users with Know Your Customer Better (KYCB) information about a new customer and its product of interest.
  2. Showcases existing customers that have similar attributes as the prospect based on clustering analysis.
  3. Identifies a subset of the similar customers that do not already have the prospect’s product of interest.
  4. Allows users to automatically generate a campaign to market this product to existing customers.

How we built it

The first step in building the back-end was to integrate all third-party data, including AWS Marketplace foot traffic data (Safegraph), open web, social media and commercial data. We then used Python to select, transform, and standardize customer features to apply the k-means clustering model, which created customer segments for better targeting effectiveness.

After a series of development iterations, we worked backwards by identifying the business case we wanted to solve, cross referencing that with the data/insights we had available and coming up with a vibrant, narrative-driven application which real users could utilize. Our ultimate goal was to create an automated system which developed all the insights under the hood with only a few user inputs, then displayed them all in the most concise way possible, eliminating unnecessary clutter.

Challenges we ran into

  • Easily integrating the campaign generation into the platform
  • Being able to strategically optimize the data visualizations so that the UI would not render too slowly
  • Navigating legal agreements with data vendors

Accomplishments that we're proud of

  • Building a one-stop platform that has the potential to effect change in real-world situations
  • Building a clustering model that segments customers effectively, which can improve marketing campaign performance
  • The scope of work completed in the allocated time
  • Being able to work well together to build something cool while everyone is so busy

What we learned

  • There are many factors that contribute to making a data-driven platform comprehensive and easy to understand
  • The strengths of different AWS features along with the depth and richness offered by the AWS Marketplace and AWS Data Exchange
  • Strengthened our coding, development, machine learning, design, storytelling, and cloud services skills
  • The intricacies that comes with building an end-to-end solution from design to testing

What's next for Know Your Customer Better: Marketing Accelerator

We envision bringing this solution to market and speaking with potential users in the financial services and insurance sectors that would best utilize our platform to enhance their onboarding processes and increase customer retention. We also plan to continue iterating on our solution and enhancing our clustering model.

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