The Growth Engine ecosystem is usable at institutions with large client portfolios whose services are commercially implemented through digital channels even though this is not a necessary condition. We see the greatest potential for the ecosystem’s application with respect to those services that have repetitive or continuous consumption. The sectors suitable for Growth Engine include most financial services, insurance, telco and the utility segment. The ecosystem may also find its use, especially when combined with financial services such as lending or insurance, in trade and services. CRIF’s experience with operating the platform in other countries shows interesting scenarios, for example, in the sale of electronics or car services.
We may observe gradual blurring of the boundaries between individual sectors in the market lately. Major players with large client bases try to approach their clients, one by one, with products and services going beyond the standard offering that is typical in the given sector. They aim at obtaining a bigger “wallet share” of a customer and securing their loyalty.
Growth Engine is also suited for financial groups that are represented in various sectors and have difficulty in finding a technical platform for sharing appropriate data.
The common building of an ecosystem of partners may also yield the desired results faster and of higher quality thanks to the sharing of experience. This type of ecosystem requires partial change of attitude towards being more open in relation to the partners, which holds true for all its members. The transparency and sharing of necessary information constitute the basis for providing services tailored to customers’ needs. Only precisely targeted offers of products and services can appeal to customers to a sufficient degree and will stand out of the line of generic offers that attack customers on a daily basis across all information channels.
The goal of the Growth Engine ecosystem is to allow the secure sharing of necessary data among its members. Similarly as in projects of credit registers, it is one of the key characteristics of the entire service that help eliminate potential doubts or unwillingness of partners to take part in the ecosystem.
However, the Growth Engine is not only a mere data aggregator. This service features efficient analytical algorithms including those based on the concept of artificial intelligence that make it possible to target an offer of products and services in real time as well.
The ecosystem makes it possible to approach partners’ clients with an offer of products and services relevant to each client at the given time, which significantly increases the probability of their positive reaction to the offer. As a result, partners in the ecosystem have a markedly greater number of qualified leads at their disposal and, consequently, paying customers as well.