The more you know about your customer, from the first point of contact onwards, the better you can respond. Companies who use behavioral data efficiently are more profitable. They react more quickly and appropriately to customer and market demands.
Behavioral data is derived from human, device or system behavior, as opposed to structured, application data. Typically, during a 1 minute, on-line session, between 5,000 - 12,000 items of behavioral data/features can be collected.
Behavioral data allows you to build a 360° picture of your clients. It can be used for far more than just simple scoring, (e.g. credit scores etc.). Typically, predictive behavior data is combined with “conventional” data such as, application data, credit bureau data. This can significantly boost the accuracy and range of predictive results.
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In many ways selling digitally is no different to selling face to face. You need to understand as much as possible about your customer and ask the right questions. Then, you can continually adapt your approach as you learn more and make consistent, accurate decisions.
The core of any decision engine is that business users can easily/quickly capture the logic underlying the business’ operation. This is done by creating, testing and managing executable business rules in a human understandable form or graphical notation, without the need of IT involvement. The order of execution and optimization of rules execution is automatically resolved, so is not dependent on business user ability to create optimal logic.
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