Objective
Relationship marketing is mostly used as a paradigm to support interaction between individuals and organisations, most prominently manifested in traditional retailing business via so-called "loyalty" cards. These methods do not always meet the needs of the individual and the organisation of financial services.
CERENA's philosophy is equitable relationship management, where both parties receive mutual benefit from a trustfully business-consumer relationship, which is extended using personalisation technologies. The particularity of CERENA is that user profiling will not only be based on collaborative filtering but especially on data-mining and natural intelligence combined with artificial intelligence tools and methods. CERENA will be developed and tested in the financial sector.
Objectives:
The goal of CERENA is to contribute to the economic development and scientific and technological prospects of the European Community by enabling marketers to provide market leading, value adding services to the customers of European Community banks. The objective of CERENA is to make electronic retail banking more competitive by using data mining technology to generate marketing rules for the delivery of services such as personalisation to the customers of the bank. The project will gather requirements for electronic retail banking from the user company, ABN-AMRO. These requirements will form the basis for the development of intelligent knowledge based prototypes in CERENA, which will enable equitable relationship building functions and increase the presence and acceptance on the market. By the end of the project, we will have the capability of 100% utilisation of the CERENA deliverables, and will have used business process research to optimise its processes and the ones of its customers by integrating these solutions with its overall electronic commerce frameworks. The realised reduction of costs is expected to be considerable. The market position will be strengthened and the CERENA application will defend the position and allow increased volumes and market shares. The consortium will exploit the technology by taking CERENA to market, increasing the turnover on the banking and financial services market for the exploitation partners by 20%. To promote and assure positive results from the project, software solutions are to be developed according to emerging e-commerce market standards in the European Community. CERENA developments will be clustered with other R&D projects.
Work description:
The main tasks can be described as follows:
- Profiling existing electronic finance sites. This will be in ABN-AMRO;
- Applying data-mining technologies onto the results from the profiling phase;
- Integration of the appropriate results into existing marketing applications;
- Improving the resulting marketer software by analysing its usage;
- Analysing the level of acceptance of personalisation in the electronic finance area. This will include surveys, and analysis and profiling of extant electronic business sites;
- Improving existing electronic finance front-ends by applying the analysis results. This will be done at least for the participating financing organisations.
In parallel the dissemination of the project will start at an earl sage in order to create awareness of the project and to acquire further pilot users. Co-operation with pilot users is an important part within the project as it is necessary to gather as many data as possible from different company environments.
A large data set helps to apply the marketing rules understood through the research and can be used for the testing of the first prototype that will be developed before the final product. Furthermore, a market analysis will be carried out on an ongoing basis to identify competitors and to remain aware of state-of-the-art technologies. On the basis of the market analysis an exploitation strategy will be developed. Due to the complexity of the project, a strong emphasis will be laid on the business and dissemination plan in order to get a clear objective of the product outcome and the benefit for the business sector as well as its marketable potential.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences artificial intelligence
- natural sciences computer and information sciences software
- natural sciences computer and information sciences data science data mining
- social sciences economics and business business and management commerce e-commerce
- social sciences other social sciences development studies development economics
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Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
70174 STUTTGART
Germany
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.