Indian-based artificial intelligence (AI) startup, 3LOQ, has introduced a new product named Habitual.AI which will enable banks to create habitual users across digital channels and mobile platforms. The technology is a new innovation that is particularly useful and relevant to clients in this pandemic period.
Habitual.AI platform enables banks to study their customers’ preferences and lead them towards building a habit of using a product more frequently. It also has the ability to recommend banking products that are most likely to result in customers choosing a particular financial institution as their primary bank.
For instance, the AI will be able to help a customer who makes frequent fund transfers at the branch, with the recommendation to use an IMPS fund transfer through the mobile app.
According to a client case study published by 3LOQ, Habitual.AI has been able to deliver a 145 percent increase in transactions; 45 percent reduction in customer churn and 75 percent increase in users who made four or more transactions a month – all by building customer habits.
The technology further enhances usage of cards and payments by finding and recommending merchants and categories that a customer is most likely to buy from using a bank’s debit or credit card. The Habitual.AI also promotes digital banking by accelerating adoption of digital services like net banking.
It is the world’s first AI engine that can build habits and handle structured and unstructured data ingestion from any source at several tera bites per day. It runs on commodity hardware and lives up to its enterprise-grade stamp with built-in fault tolerance, high availability, and horizontal scalability.
It will also be capable of generating personalised recommendations for more than 10 million customers based on 1 tera bites of transaction data within six hours on commodity hardware. Habitual.AI automatically categorises unstructured transaction data into structured data sets, which is used to profile customers at scale to generate personalized recommendations that build habits.
Habitual.AI triggers intent-driven usage at scale by using cognitive computing, analytics and machine learning. It learns how customers use a digital banking product and provides personalised feature recommendations that put them on the path to long-term loyalty. This enables banks to create customer habits, reduce churn and optimise marketing spend.
Commenting on the one-of-a-kind technology, Founder and CEO of 3LOQ, Anirudh Shah said: “Because habit-building is a progressive activity, the tech takes the long view to build product utility and relevance for each customer. Helping customers use products in ways most useful to them is a better way to keep customers engaged and build habitual product usage, than by giving them reward-based promotions that may be irrelevant and are likely to be considered spam.”
Udai Kanth, Director Sales at 3LOQ said: “3LOQ is continuously working in developing innovative and unique Banking AI solutions to automate different banking functions to create value to stake holders in the areas of digital adoptions across channels, optimizing marketing spend, improving revenues and reducing churn. Habitual.AI is already engaged with leading banks in India, Middle East and Africa delivering consistent results.”
Founded by Carnegie Mellon alumni Mr. Anirudh Shah and Mr. Sunil Motaparthi, 3LOQ has earlier been listed as one of the ten emerging analytics startups in India to watch out for by Analytics India Magazine.