Innovative AI Features Optimize Monetization Through Churn Prediction and Intelligent Payment Retry Features
Sunnyvale, CA - September 12, 2023 - Evergent, a customer management and monetization leader for streaming and digital subscription businesses, today announced the integration of advanced artificial intelligence (AI) tools into its Captivate Product Suite for payment recovery and proactive churn management. The new AI-backed Captivate Smart tools allow enterprises with subscription models to analyze and enact intelligent payment retries, leading to reduced payment failure and an improved customer experience. The Captivate Product Suite also includes Captivate Proact, a machine learning-driven churn prediction model, which identifies potential cases of involuntary churn and allows users to introduce specialized offers to improve subscriber retention.
For companies operating a subscription business, collection failures are a common challenge that can lead to revenue loss and involuntary customer churn. As much as 24% of recurring payment collection attempts fail due to processing errors, false declines, insufficient funds, and card information changes. Evergent’s AI-backed Captivate Smart payment recovery engine improves on current industry benchmarks by proactively anticipating payment failures and deploying recovery tactics.
With Captivate Smart, unsuccessful payment attempts trigger an AI-backed process to determine the optimal retry strategy. A payment resubmission process is executed through the Evergent system using existing payment gateways, adhering to the recommended, data-backed retry strategy. As a result, customers have increased payment recovery from the industry standard of 59% to 70%, a figure which will continue to increase as the AI-based retry logic is trained on a growing dataset.
To further improve the prediction and deflection of churn, Evergent’s Captivate Proact applies AI-based churn prediction models based on subscription and payment data to create personalized offers based on those predictions. Besides payment failures, customers churn for a variety of reasons including searching for more affordable offers and a better content fit. Based on a customer profile, Captivate Proact applies AI logic to determine what offer or promotion to send at what time to maximize customer retention and optimize revenue.
“Subscriber retention, payment recovery, and customer lifetime value are existential questions for today’s media and entertainment companies, and we need to be applying our most powerful and innovative technologies as we work to solve these challenges,” said Vijay Sajja, founder and CEO of Evergent. “The application of AI within our Captivate Product Suite puts us on a steady path to continuously optimize monetization and relationship management for our customers. These tools have already demonstrated impressive results which add up to serious revenue gains for our customers, and these figures will only improve as we train the models on new data and hone our own AI-backed technologies.”
Based in Sunnyvale, CA, Evergent provides customer relationship management tools for global digital media, entertainment, and telecommunications providers. With customers in 175 countries ranging from small businesses to Fortune 500 companies, Evergent creates flexible, user-friendly solutions that allow each customer to streamline their CRM processes and maximize monetization efforts. For more information, visit www.evergent.com.