Systems and methods for evaluating alternative financial products

Abstract

Systems and methods for evaluating alternative financial products are provided. A first financial product offered by a financial institution may be identified, where one or more customers of the financial institution are eligible for migration from a second financial product to the first financial product. An attrition risk associated with migration of the one or more customers to the first financial product may be determined. If the attrition risk satisfies a threshold, then migration of the one or more customers to the first financial product may be directed. Otherwise, if the attrition risk fails to satisfy the threshold, then one or more characteristics associated with the first financial product may be modified.

1 . A method, comprising:
 identifying, by a financial system comprising one or more computers, a first financial product offered by a financial institution, wherein one or more customers of the financial institution are eligible for migration from a second financial product to the first financial product;   determining, by the financial system, an attrition risk associated with migration of the one or more customers to the first financial product; and   directing, by the financial system if the attrition risk satisfies a threshold, migration of the one or more customers to the first financial product; or   modifying, by the financial system if the attrition risk fails to satisfy the threshold, one or more characteristics associated with the first financial product.   
     
     
         2 . The method of  claim 1 , wherein the one or more customers comprise a plurality of customers, and wherein determining an attrition risk comprises:
 identifying a subset of the plurality of customers;   conducting a pre-migration test for the identified subset; and   determining the attrition risk based at least in part upon the pre-migration test.   
     
     
         3 . The method of  claim 2 , wherein conducting a pre-migration test comprises:
 directing communication of a respective migration notice to each of the customers included in the subset;   determining, prior to communication of the migration notices, a respective pre-notice attrition risk for each of the customers included in the subset;   determining, subsequent to communication of the migration notices, a respective post-notice attrition risk for each of the customers included in the subset; and   determining the attrition risk associated with the migration based at least in part upon the determined pre-notice attrition risks and the determined post-notice attrition risks.   
     
     
         4 . The method of  claim 3 , wherein directing communication of a respective migration notice comprises directing communication of a respective notice comprising at least one of (i) an identification of the first financial product, (ii) the one or more characteristics associated with the first financial product, or (iii) a migration date. 
     
     
         5 . The method of  claim 3 , wherein determining the attrition risk associated with the migration comprises determining an average change between the pre-notice attrition risks and the post-notice attrition risks. 
     
     
         6 . The method of  claim 3 , further comprising:
 determining, by the financial system, that a pre-notice attrition risk for a customer fails to satisfy a pre-notice threshold; and   removing, by the financial system based upon the determination that the pre-notice attrition risk fails to satisfy the pre-notice threshold, the customer from the subset.   
     
     
         7 . The method of  claim 6 , further comprising:
 determining, by the financial system following the removal, that a size of the subset fails to satisfy a size threshold; and   adding, by the financial system based upon the determination that the size fails to satisfy the size threshold, one or more additional customers included in the plurality of customers to the subset.   
     
     
         8 . The method of  claim 1 , wherein directing a migration comprises directing the communication of a respective migration notice to each of the customers included in the one or more customers. 
     
     
         9 . The method of  claim 8 , further comprising:
 determining, by the financial system subsequent to the communication of the migration notices, a post-notice attrition risk for a customer included in the one or more customers; and   directing, by the financial system based upon a determination that the post-notice attrition risk fails to satisfy a post-notice threshold, an attrition risk mitigation process with respect to the customer.   
     
     
         10 . The method of  claim 9 , further comprising:
 determining, by the financial system based at least in part upon historical information associated with one or more customer accounts, a value associated with the customer; and   determining, by the financial system, that the determined value satisfies a mitigation value threshold.   
     
     
         11 . The method of  claim 1 , further comprising:
 comparing, by the financial system for each of the one or more customers, one or more customer characteristics to one or more qualification criteria associated with the first financial product; and   determining, by the financial system based at least in part upon the respective comparisons, that each customer is eligible for migration to the first financial product.   
     
     
         12 . The method of  claim 11 , further comprising:
 determining that a customer included in the one or more customers qualifies for migration to a plurality of financial products including the first financial product; and   determining that the customer is eligible for migration to the first financial product based upon at least one of (i) a determination that the first financial product is a best fit for the customer, (ii) a determination that the first financial product will maximize financial institution revenue, or (iii) a determination that the first financial product will minimize attrition risk for the customer.   
     
     
         13 . The method of  claim 1 , wherein the first financial product comprises one of a plurality of available financial products for migration. 
     
     
         14 . The method of  claim 13 , wherein modifying one or more characteristics associated with the first financial product comprises replacing the first financial product with another financial product included in the plurality of available financial products. 
     
     
         15 . The method of  claim 1 , wherein modifying one or more characteristics comprises modifying at least one of (i) a price associated with the first financial product, (ii) one or more services associated with the first financial product, or (iii) one or more customer requirements associated with the first financial product. 
     
     
         16 . The method of  claim 1 , wherein the attrition risk comprises a first attrition risk, and further comprising:
 determining, subsequent to the modification of one or more characteristics, a second attrition risk associated with migration of the one or more customers to the first financial product; and   determining whether the second attrition risk satisfies the threshold.   
     
     
         17 . The method of  claim 16 , wherein it is determined that the second attrition risk satisfies the threshold, and further comprising:
 directing, by the financial system, migration of the one or more customers to the first financial product.   
     
     
         18 . The method of  claim 1 , further comprising:
 modifying, by the financial system if the attrition risk fails to satisfy the threshold, the customers included in the one or more customers.   
     
     
         19 . A system, comprising:
 at least one memory operable to store computer-executable instructions; and   at least one processor configured to access the at least one memory and execute the computer-executable instructions to:
 identify a first financial product offered by a financial institution, wherein one or more customers of the financial institution are eligible for migration from a second financial product to the first financial product; 
 determine an attrition risk associated with migration of the one or more customers to the first financial product; and 
 direct, if the attrition risk satisfies a threshold, migration of the one or more customers to the first financial product; or 
 modify, if the attrition risk fails to satisfy the threshold, one or more characteristics associated with the first financial product. 
   
     
     
         20 . The system of  claim 19 , wherein the one or more customers comprise a plurality of customers, and wherein the at least one processor is configured to determine the attrition risk by executing the computer-executable instructions to:
 identify a subset of the plurality of customers;   conduct a pre-migration test for the identified subset; and   determine the attrition risk based at least in part upon the pre-migration test.   
     
     
         21 .- 26 . (canceled)