Investigating Purchasing Patterns For Financial Services Using
Markov And MTD Models
Author(s)
A. Prinzie & D. Van den Poel
Abstract
Investigating purchasing patterns for financial
services using Markov and MTD models
A. Prinzie & D. Van den Poel
Department of Marketing, Ghent University, Belgium
Abstract
Over the past two decades, the financial markets have become more competitive
resulting in diminishing profit margins and blurring distinctions between banks,
insurers and brokerage firms. Hence, nowadays a small number of large
institutions offering a wider set of services dominate the financial-services
industry. These developments stimulated the implementation of Customer
Relationship Management (CRM). Given the increasing customer-acquisition
cost, marketers realize that the best prospects for the sales of current and new
financial services are the current customers. So cross-sell actions are created to
motivate existing customers to use additional services from the firm. A great
opportunity lies in cross-selling insurance products to bank clients and vice
versa. In this study, we investigate purchase patterns of financ
Keywords
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