AI-Powered User Retention System for Investment Fund Redemptions
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Users face a negative experience when navigating complex software applications to submit electronic requests, leading to inefficient and time-consuming processes, especially for those with limited computer skills, and there is a need to preemptively contact users before they initiate certain actions, such as redeeming investment funds.
Innovation Solution
A computer-based communication system that uses an artificial intelligence model to determine a priority score for users based on their likelihood of redeeming assets, allowing for preemptive communication via the most effective channel, such as a phone call or email, to retain users and their investments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users navigate through complex software applications to submit electronic requests, then the burden is shifted to the user, but the user experience becomes negative and the process becomes time-consuming
Solution Approach 1:
The system performs preliminary actions by proactively contacting users before they initiate redemption requests. The communication system identifies users who are likely to redeem funds and contacts them in advance through appropriate channels, preventing the need for users to navigate complex software applications to submit requests.
Solution Approach 2:
The system enables self-service by automatically identifying users at risk of redeeming funds and initiating communication without human intervention. The communication system autonomously selects users, determines appropriate communication channels, and executes outreach, freeing users from the burden of navigating complex interfaces.
2Reliability
If the system proactively contacts users before they submit redemption requests, then user retention improves, but the system complexity increases
Solution Approach 1:
The communication system performs multiple functions within a single unified platform: identifying users at risk of redemption, selecting appropriate communication channels, executing outreach, and tracking results. This multi-functionality increases reliability while managing complexity through integration rather than separate systems.
Solution Approach 2:
The system implements feedback loops by monitoring user responses to communications and adjusting future outreach strategies. The communication system tracks which users are contacted, their responses, and redemption patterns, using this feedback to continuously improve retention effectiveness while optimizing system operations.
3Productivity
If the system uses multiple communication channels to reach users, then the effectiveness of preemptive contact improves, but the communication infrastructure complexity increases
Solution Approach 1:
The communication system dynamically selects the most appropriate communication channel for each user based on real-time factors such as user preferences, historical response patterns, and current context. This dynamic adaptation improves retention effectiveness while managing infrastructure complexity through intelligent routing rather than maintaining equal capacity for all channels.
Solution Approach 2:
The system changes communication parameters such as channel selection, timing, and messaging content based on user characteristics and behavior patterns. By adjusting these parameters dynamically, the system maximizes retention effectiveness while using a standardized communication infrastructure rather than requiring specialized systems for each channel.
Data Source
AI summary
An artificial intelligence (AI) model, using logistic regression and gradient boosting tree, may determine a priority score for a user. The priority score may be associated with a likelihood of redemption of investment funds of the user by the user. Based on the priority score for the user, a server may prioritize transmission of a communication message to the user via one of a plurality of communication channels. The communication message may describe why the user should continue with their investment funds without redemption.