Using Artificial Intelligence to Reduce Customer Churn in Private Banking Ayasdi

It is no secret that private banking is in turmoil. While our view is that large banks possess a massive competitive advantage given the amount of data they create, trade in and see – private banking is an area of concern. Technology driven start-ups have made real inroads with millennials and private wealth management growth has stalled at many banks. Given the fixed cost nature of the supporting infrastructure this can quickly eat into earnings. There are a number of areas that banks can focus on, from aligning costs more effectively to enhancing the customer experience – but one chronic and elusive prize is churn.