NEW! HFS Research on the People’s United Bank digital transformation journey Read now
Turning Insight into Foresight
Given the hyper-competitive environment, the ever-evolving regulatory landscape, and increasing cost pressures, banks and financial services institutions are looking for a single version of truth across the enterprise to turn insight into foresight. This enables better decision-making using real-time analytics. More specifically, this would help the bank in avoidance of significant penalties due to better fraud management as well as support business growth through better cross-selling and upselling opportunities.
Product Recommendation Engine: The engine uses different data sets such as industry, transaction, social and market data, and train models with real-time information. It then leverages micro-segmentation of client clusters and drives recommendations based on similar customers profiles, transaction data, and buying patterns. The machine learning algorithms next predict customers’ likelihood of acquiring certain products by matching the user’s offerings with the customers’ online banking interactions.
Data Science Platform: This powerful platform extends the power of data lakes and provides a consolidated transaction view as well as in-depth analytics to empower the banks’ sales personnel and clients. With our strong understanding of the corporate banking domain, we help identify key business and operational KPIs as well as build metrics-driven dashboards for cash management, which can be extended further to FX and lending services. Our expertise in advanced analytics helps enable business activity monitoring and client sentiment analytics. The data monetization use cases include the ability to suggest the next best offer and big data-driven trade surveillance innovations.