Marketing Optimization in Retail Banking

Authors:
Ramasubramanian Sundararajan;Tarun Bhaskar;Abhinanda Sarkar;Sridhar Dasaratha;Debasis Bal;Jayanth K. Marasanapalle;Beata Zmudzka;Karolina Bak
Affiliations:
GE Global Research, Bangalore 560 066, India;GE Global Research, Bangalore 560 066, India;GE Global Research, Bangalore 560 066, India;GE Global Research, Bangalore 560 066, India;GE Global Research, Bangalore 560 066, India;GE Global Research, Bangalore 560 066, India;Bank BPH, GE Capital, 80-387 Gdansk, Poland;Bank BPH, GE Capital, 80-387 Gdansk, Poland
Venue:
Interfaces
Year:
2011

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Abstract

In this paper, we address the problem of making optimal product offers to customers of a retail bank by using techniques including Markov chains, genetic algorithms, mathematical programming, and design of experiments. Our challenges were large problem size, uncertainty about estimates of customer responses to product offers, and practical issues in training and implementation. The solution had an estimated financial impact of around $20 million; it also provided other intangible benefits, including structured decision making, the capability of performing what-if analysis, and portability to other markets and portfolios.