IBMMS Decision Support Tool For Management of Bank Telemarketing Campaigns
This tool targets bank managers to improve campaign efficiency, but it appears incremental as it combines existing data mining and expert system techniques.
The study developed an Intelligent Bank Market Management System (IBMMS) to help bank managers run more effective telemarketing campaigns for long-term deposits, addressing poor performance in direct marketing.
Although direct marketing is a good method for banks to utilize in the face of global competition and the financial crisis, it has been shown to exhibit poor performance. However, there are some drawbacks to direct campaigns, such as those related to improving the negative attributes that customers ascribe to banks. To overcome these problems, attractive long-term deposit campaigns should be organized and managed more effectively. The aim of this study is to develop an Intelligent Bank Market Management System (IBMMS) for bank managers who want to manage efficient marketing campaigns. IBMMS is the first system developed by combining the power of data mining with the capabilities of expert systems in this area. Moreover, IBMMS includes important features that enable it to be intelligent: a knowledge base, an inference engine and an advisor. Using this system, a manager can successfully direct marketing campaigns and follow the decision schemas of customers both as individuals and as a group; moreover, a manager can make decisions that lead to the desired response by customers.