Foundational data and insights for banks
Stringent regulatory and insurance requirements mean banks must contend with many years and multiple terabytes of transactional data. The challenge is knowing how to translate all that data into meaningful insights. Banks that leverage strong data and analytics reduce costs and streamline processes while providing a more seamless and engaging customer experience.
How we help
Powerful analytics, including data visualization, location analytics, machine learning, and enterprise search, provide deep insight into customers, products, channels, and operations.
Proactive data quality management solutions ensure the completeness, consistency, and accuracy of data across the enterprise. Businesses can easily access and retrieve data residing in core and ancillary systems, diverse databases, legacy applications, public and third-party information, and even spreadsheets.
Optimized customer experiences
Unified data and analytics platforms streamline and simplify customer experiences in sales, service, and fulfillment. Data-centered banks can also maximize customer relationships with more effective retention, cross-sell, and advisory services.
Scotiabank was struggling to reconcile data housed in different systems and disparate branches. With all of the different systems and data entry points, the organization needed a way to quickly extract relevant information and put it in the hands of end users to help them make better business decisions. Scotiabank’s in-house reporting system, Sales Builder, supplied crucial information to sales officers working in the retail, corporate, wholesale, and investment banking lines of business. This manual process required sales officers to enter initial transactions as well as to correct the data as necessary, which led to discrepancies and incorrect commission calculations.
This was not just a technology project. It was about creating business value by making our employees more productive and more satisfied, so they can focus on what matters most: our customers.”
Senior Vice President of Customer Experience and Distribution Strategy
and integrates data from multiple banking systems. A complete 360-degree view of enterprise information increases banking productivity, accelerates the bank’s ability to open new channels, and improves the way sales officers reach out to customers, qualify leads, and cross-sell.
Better cross-sell opportunities
Worldpay offers a variety of payment services through point-of-sale software vendors, financial
institutions, value-added resellers, and independent sales organizations, which amounts to approximately $842 billion in payment volume. For an industry leader such as Worldpay, pricing customers is no small task. The company needed new reports, dashboards, and analytics capabilities to leverage its expanding big-data lake and related resources.
Big data has changed industry dynamics and opened up new opportunities for nimble companies that can store, process, and especially analyze payment data. It used to be prohibitively expensive to store tens of billions of transactions, and very time-consuming to process it all. For example, it might take an hour-and-a-half to process a hundred million records. With our current big data architecture, it takes less than 20 seconds.”
Senior Leader of Technology
The company has boosted its annual revenue from $8 million to $15 million by more intelligently pricing customers, saved $2.5 million by eliminating hard-copy financial statements, and replaced 27,000 BusinessObjects reports with 10 applications from the ibi data and analytics platform.
Improved pricing capabilities
Get in touch to learn how you too can build better insights with data.