On 06.09.2016, the FinTechForum organised the FinTech meets Travel Event in Frankfurt. With exciting lectures on the topics of "finance" and "travel"Alexander Thamm GmbH was also represented with a short presentation by our Sales Director Nadiem von Heydebrand. A 7-minute video in English gave an interesting overview of the possible applications of data science in the finance industry and in the tourism sector.
Our data compass as a basis
At the beginning of the video, our Sales Director introduces our self-developed Data compass, which provides the basis for data science projects. Our holistic approach is based on elements that build on each other: Business Processes, Data Intelligence, Predictive Analytics and Insights Visualisation.
It is then explained how the Data compass is used in individual projects. The benefits of data science for the finance and travel industry are exemplified by means of 3 selected use cases.
Customer segmentation and Next Best Offer
The first use case deals with Customer segmentation. First, it is determined which customers will be most important and valuable in the future. For this purpose, in a first model for each customer the Customer Value calculated.
In a second model, for each product the Purchase probability calculated. These two models are then merged to determine which products the most valuable customers will need in the future. In the interactive model we developed Dashboard the user can then independently analyse and segment the end customers.
Development of a pricing tool
In the second use case, the ideal selling price determined. For this purpose, basket drivers, focus products and long-tail products are identified and a pricing tool for price optimisation is developed. With this tool, the client was able to Price optimisation tool the margin was increased by 5%.
Finally, the Customer loyalty and the resulting question of why customers do or do not repurchase certain products. Predictive analytics identifies churn customers (i.e. customers who switch to a provider) and their reasons for switching. Individual, tailor-made offers can now be made to these customers in order to retain them.
The video of the short presentation can be viewed in full length here:
About the FinTech meets Travel Event
The FinTech Forum organises various events such as "FinTech meets Travel" or "FinTech on tour". This gives companies the opportunity to new technology and Business Trends to discover. In addition, start-ups with innovative business ideas are discovered and promising players are brought together with investors and partners.