LUMIQ Develops an Offer Engine to Streamline Multi-Product Campaigns for a Leading Private Bank
Delivering personalized, timely offers is essential for driving customer engagement. For a top private bank with 38+ financial programs, the manual and outdated offer-generation system led to significant delays and data inconsistencies.
Challenge
The bank’s offer-generation process was highly manual, involving sequential steps that delayed turnaround times (TAT) and introduced data inconsistencies. Dependent on legacy code, the system took 10-15 days to generate offers, and data duplication led to redundant processes and inconsistent customer information. Without automated data validation, the bank faced significant delays in reaching eligible customers, resulting in missed opportunities.
Impact
LUMIQ developed an end-to-end, automated Offer Engine designed to address the unique challenges of managing over 38 financial programs with diverse eligibility criteria. This engine centralized the bank’s data and streamlined the offer generation process by creating a master customer base, which allowed the system to eliminate redundant information and improve data integrity across all financial products.
The automated solution integrated enriched customer profiles, sourced from CIBIL, to refine offer eligibility. Furthermore, the engine enabled customized program-specific bases to deliver targeted offers that aligned closely with customer needs and preferences. Legacy code was migrated to a Spark-based framework, ensuring that the solution could scale efficiently, support parallel processing, and facilitate real-time offer generation across channels.
To ensure operational reliability, the engine was designed with built-in fault tolerance, safeguarding against disruptions and securing sensitive data with PII encryption. This modernization of the offer generation process empowered the bank to reach customers faster with relevant offers, significantly improving engagement and conversion rates.
Impact
- 5x Faster Offer Generation: Turnaround time reduced to just a few days.
- Automated and Consistent: Manual steps eliminated, ensuring data integrity.
- Uninterrupted Operations: Zero unplanned downtime.
- Enhanced Compliance: Full PII data protection.
- Simplified Management: Easier handling of multiple products offers.