It’s getting difficult to remember back to the time when marketers didn’t have prediction engines that could forecast if this person or that company would become a customer. Nowadays, predictive analytics of many kinds are standard tools.
But they could be better, says UK-based, data science-based marketing agency Jaywing, which has released a new neural net prediction engine that is designed for non-technical marketers. It’s called Archetype, and Jaywing says that it has demonstrated a 10 percent greater accuracy in predicting financial services fraud — such as fraudulent credit card applications — than standard models.
The engine is designed for marketing, credit risk and fraud detection. Head of Product Development Martin Smith told me that marketing use cases should see a similar kind of increase in accuracy.
Additionally, he said, Archetype allows a user to constrain the model with certain business rules, such as stipulating that there’s a greater likelihood a customer will buy if her salary increases. While there are “definite advantages” if a user has a bit of experience in data modeling, Smith said, it isn’t necessary, and Archetype is designed for use by non-technical marketers.
Acknowledging that neural nets have been around for a while, he said they have previously been limited by the cost of computing power, plus there have been some recent “math breakthroughs.” In Archetype, a user uploads data, such as in a spreadsheet. There might be browsing histories, purchase histories and demographics on customers who bought a product and those who declined, in addition to browsing histories, purchase histories and demographics on customers who have not yet been presented with the product. Read more from martechtoday.com…
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