Explainable AI Vs. Black Box AI- A Customer Retention Profitability Analysis
When considering strategic decision making, explainable AI is more popular than black box AI.
Many individuals and companies have doubts regarding Black box AI (i.e, a model that gives predictions but does not include the possibility to understand why certain predictions are made). In the field of customer retention, a black box is not an option. It is not enough to know which customers are high risk of churning, it is equally important to understand "the why". In order to prevent customers from churning, you need to understand the reasons behind leaving, once you know these drivers you can act accordingly.
At Kantify, we know managers like to understand why an AI model gives a certain recommendation or prediction. In the field of churn, our expertise lies in building AI models that do not only provide our clients with a clear overview of which customer is most likely to churn but also gives them the main drivers behind these churners, and their cost. Our clients have used these drivers to change their marketing and sales strategy in order to decrease the number of churners.
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If you are interested in increasing your retention sooner than later, do not hesitate to contact us to have a chat on if AI can help you, and how.