E*Trade Trades Data for Knowledge with Information Discovery Inc.'s System
As the competition for on-line web-based financial services heats-up, new technology is giving the leading service providers with yet another winning edge. E*Trade, the world's largest on-line brokerage service is using Information Discovery's Pattern Query Language to access a Pattern Warehouse of prospect and customer behavior to fine tune its marketing strategies.
The E*Trade PatternWarehouse provides business users with immediate access to knowledge of acquisition patterns, customer behavior, product usage affinities, lifecycle, etc. The PatternWarehouse provides E*Trade business users with a gateway to knowledge that has been pre-distilled from data and is stored in a pattern-base.
Accessing patterns enables E*Trade business users to identify key business drivers, which in this market is insight into the customer. This includes tracking lead conversion rates, buying behavior, profitability and anticipating the rapidly changing needs of customers. Corporations armed with appropriate mining strategies redefine competitive advantages, by developing and building new competitive niches. Also to uncover the myth of the customer lifecycle, it is necessary to perform data mining on historical data to discover patterns of customer and household behavior for Right Time Marketing.
E*Trade selected this unique product because it uses refined patterns, rather than data. And, the Java-based web access to patterns enabled users to access patterns simply using a web browser, no technical or analytical know-how is required to access patterns of knowledge. Another unique functionality is the quick response. The patterns are available for the users on demand and response to follow-up questions are almost instant. Using the information stored in the PatternWarehouse, E*Trade niche marketing can carry fewer financial services ads than popular financial press with more effective acquisition. Also having the ability to identify profitable customer segments to improve the acquisition process based on the ROI.
For more information on Information Discovery's products and solutions please visit http://www.patternwarehouse.com.