Kxen software focuses on connections between customers
LONDON - Automated data mining specialist Kxen has launched software that uses transactional data to allow banks and telecoms clients to identify social connections between customers.
Kxen claims its KSN module can reveal valuable intelligence to companies about how their customers interact with other customers in various networks such as friends, families and co-workers.
KSN does this by analysing data owned by clients -- for example phone records in the case of telecoms companies or bank transfers in the case of banks.
It can pinpoint which customers are the best connected and who plays the most important role in any group. This information can help clients to better predict when customers may be about to churn to another provider, close an account, or buy a new product.
Because KSN can analyse multiple networks and their evolution over time, it can also expose rotational churn, fraud and identity theft.
Roger Haddad, founder and chief executive of Kxen, said: "Traditional marketing relies on models based solely on customer-vendor interaction and assumes customers act independently of each other.
"But the new social network technology in KSN recognises that customers do indeed interact with each other, and exploits that knowledge to drive up the effectiveness and completeness of marketing and sales campaigns."
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