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The Customer Lifetime Value (CLV) framework provides a holistic approach to measurement and management of long-terms customer relations. The goal is to take into account all of the services and products customers need or might need across an organization and maximize long term benefits for both the firm and the customer. While simple in concept, CLV is not simple to implement. It requires integration and analysis of diverse data sources within the organization; for example, product offerings, prices and customer history, with data streams arriving from outside; for example, economic trends, actions of competitors and shifting customer preferences. Effective implementation requires advanced modelling of the interactions and responses in complex systems and, increasingly, expansion of Analytics and Big Data technologies. CLV builds on multiple metrics that track events in the customer life-cycle including acquisition, engagement, growth, and retention. This project will help Scotiabank integrate recent research advances and best practices in CLV into its operations. The project interns will implement techniques that assess the lifetime value of clients across multiple business lines under different planning scenarios and develop analytical methods for maximizing that value while meeting customer needs. TO BE CONT’D
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