Kotak Mahindra Group is an Indian financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd., the group’s flagship company, became the first non-banking financial company in India to receive a banking license from the RBI – and has branded itself as Kotak Mahindra Bank Ltd. Having merged with ING Vysya, the combined banking entity has a widespread network of 1214 branches across the country.
Today, Kotak Mahindra is the fourth largest private sector bank in market capitalization.
Having successful run multi-channel, multi-wave campaigns to maximize their customer outreach programs (where Xerago had implemented IBM Campaign), Kotak Mahindra wanted to study their customer behavior and offer product recommendations in real time.
In essence, they wanted to run an event based marketing program which would sift the user data and trigger an appropriate response for a predefined event.
Xerago was tasked with building a sophisticated event based marketing module that would boost their cross sell and retention rates.
Based on our previous experience with other banks, Xerago recommended and implemented IBM Detect – an event-based marketing platform that could be leveraged by the bank.
Xerago began by identifying different instances for which an ‘event’ could be registered in accordance with the business rules. These custom business rules were built on top of an algorithmic “if-else” conditions sourced from the respective stakeholders.
After extensive brainstorming sessions with the product stakeholders, Xerago came up with more than 15 such ‘events’. Whenever customers deviated from their regular transaction lifecycle and it fulfilled the event conditions, such customers would be contacted over different channels (Email / Phone).
Sample trigger events could be –
- Drop in account transactions
- Personal information updates.
- Fraud identification and related triggers.
These custom triggers were then seamlessly integrated with the flagship IBM Campaign tool to set the ball rolling.
As a result, Kotak Mahindra saw a huge spike in customer activity. Customers would instantly receive notifications regarding their account transactions. IBM Detect module would trigger personalized communication based on the customer behavior – which in turn generated substantial leads for the sales team.
And more importantly, Kotak Mahindra didn’t have to wait for the campaign to end to analyze the response. An active feedback loop ensured an immediate, action based response – everything in real time.