Briefs

Feb 27, 2007. SAN FRANCISCO & PARIS--(BUSINESS WIRE)--With increasing competition in the financial services industry it is now more important than ever for banks to deploy the latest customer technologies to optimize the speed, accuracy and frequency of their marketing. Leading the sector in Austria is the country's largest -- Bank Austria Creditanstalt -- where innovative data mining tools are now helping turn targeted marketing into a fine art.

The bank now routinely mounts a new customer campaign once every two weeks, seeing take-up rates of between three and five per cent -- up from one per cent before -- and has achieved new business worth an estimated 50 million Euros in one season alone.

Behind the gains is Extreme Data Mining technology from vendor KXEN. It has brought improvements in the accuracy and speed (and hence frequency) of the data analysis used to identify potential customers. Just as important it has made complex data mining much easier, allowing it to be used by many more bank employees than before.

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