Teradata offers lifetime value prediction tool
07 November 2002 | 850 views | 0
Teradata, a division of NCR Corporation, has developed a system for financial firms to predict the lifetime value of customers, services and products.
Teradata's Lifetime Value Solution applies mathematical models to customer behaviour data to detect patterns and trends. This data can then be used to guide product development, marketing strategies, customer-service initiatives and capital expenditures, says the vendor.
Jim Donovan, vice president, Teradata financial services marketing, says that it is customer banking behaviour that determines profitability. He adds: "Because of its predictive power, Teradata Lifetime Value empowers financial institutions with business intelligence to be able to provide their customers the right products and services, at the right time, through the right delivery channels."
In a recent survey of more than 40 global financial firms, carried out by Teradata, 92 per cent of respondents say that their institutions are currently unable to measure a customer's lifetime value while believing the information to be fundamental to the development of business strategies that drive profitability.