The UK's Barclays Bank is using predictive analytics technology from California-based Knowledge Extraction Engines (KXEN) in a bid to improve targeting of its direct marketing campaigns.
The vendor's Analytic Framework product - which replaces manual modelling techniques at Barclays - will enable the bank's customer insight team to build relevant CRM models faster.
KXEN says that by using statistical models, banks can reduce mailing volumes by up to 70% and record double or triple response rates.
Matthew Common, head of CRM support, Barclays, says: "By using reliable predictive analytic products, we can react to customer behaviour faster and better, and provide them with products and services to suit their individual needs."
Common says the product has also increased speed to market by reducing model development time from more than two moths to less than four weeks.