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Co-operative Financial Services Deploys KXEN Analytics
Added: (Wed Dec 14 2005)
Co-operative Financial Services (CFS) - with more than seven million customers one of Britain's largest financial services organisations - is deploying KXEN analytics to sharpen its marketing.
KXEN is a unique new-generation analytics tool. Unlike old-generation analytics, it doesn't need to be operated by skilled consultants. Using mathematical rather than traditional statistical techniques, KXEN boosts the speed and accuracy of analytical modelling and improves the response and take-up rate from direct, postal, email, Web and telephone campaigns.
At CFS, one of the first models built by the Customer Insight team with KXEN led to a significant increase in actual campaign performance - yet required much less time to build and apply than previous models. "We demonstrated that the model worked exactly as predicted, and it showed a good uplift and benefits as a result," says CFS Customer Insight manager Neil Pollitt.
The adoption of KXEN by CFS follows a detailed evaluation in which it proved to be cost effective, fast and useable by staff immediately without any expensive training. "If what you want is robust models then KXEN is quick and business focused which improves productivity," says Pollitt. "We're a small team with a lot to deliver and for our purposes we felt we could get real value out of KXEN."
CFS is the latest organisation in the UK to adopt next generation KXEN analytics. Other users include Legal & General, Powergen and Barclays Bank. In total there are more than 100 customer organisations worldwide in sectors from telecommunications and utilities to financial services and retailing.
About Co-operative Financial Services
Co-operative Financial Services brings together The Co-operative Bank, Co-operative Insurance Society (CIS) and smile. It offers a complete range of financial products, from high street banking to Internet banking with smile, from current accounts, credit cards and loans to pensions, unit trusts and insurance. One of the largest financial services organisations in the UK, it has an annual income of £3.5 billion and assets under management of £31 billion.
Both The Co-operative Bank and CIS were first in their respective sectors to introduce CSR programmes with fully audited triple bottom line (social, environmental & financial) reports in the UK. The Co-operative Bank has a well-established Ethical Policy, which reached its 10th Anniversary in 2002. The policy reflects customers’ views about how their money should and shouldn’t be invested. CIS is a recognised leader in the field of Socially Responsible Investment, and in 2002 was the first UK institutional investor to publish its entire voting record on its website.
About KXEN
KXEN provides next generation business analytics software to drive better corporate decisions. KXEN’s unmatched speed, ease of use and scalability enable leading companies around the world to expand the use of predictive analytics and enhance corporate performance. Based on breakthrough mathematical theory, KXEN’s products offer reliable predictions and deep insight for achieving critical business goals. The company partners with leading systems integrators and software vendors to integrate advanced analytics into enterprise applications and business processes.
The KXEN Analytic Framework™ is distributed through partnerships with leading system integrators, application vendors, and OEMs. Founded in 1998, KXEN is a privately held company headquartered in California with offices in the USA, UK, France and distributors throughout the world.
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Further information and supporting photography from:
Simon Griggs, KXEN - 01189 653424, simon.griggs@kxen.com
Sage Partnership – 01189 344007, info@sagepartnership.com