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Article Title : Next Best Product Models for cross-selling financial services
Abstract : 'Next Best Product (NBP)' models refer to models that predict the next
product/service/offer that a customer is likely to buy/use, given the customer's previous
purchase history in the same category. In this article, we present an NBP framework for
financial services companies.
NBP models are particularly effective in cross-selling where data on past selling activity
is not available (e.g., Relationship banking) or when there have been few co-ordinated
cross-selling efforts. NBP models can also be used along with previous campaign
response data to improve response rates.
We recommend an appropriate NBP technique for financial service firms, examine key
analytical issues, and highlight a process for development and deployment.
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