Financial Services companies today are under constant pressure to convert and retain high-value customers and vendors, meet compliance and regulatory requirements, detect and prevent fraud, while protecting the bottom line. The article How American Express Make Money points out that “the Financial Services Sector is witnessing a major shakeup, new age business models in the industry are transforming both customers and businesses.”
To emerge from this shakeup on top, Financial Services companies are undergoing a corresponding digital transformation. Leading companies like Citi are even benchmarking their digital transformation to ensure their digital transformation is on target.
Choosing the right data infrastructure will be critical as financial services undertake their digital transformation. Yellowbrick Data gives Financial Services organizations a single, cost-effective data analytics solution to accomplish goals like the following:
Detect and prevent fraud Continually monitor card use to spot fraudulent activity, notify card holders, and issue new cards as soon as possible to minimize loss and to keep card holders actively using cards.
Meet compliance and regulatory requirements Quickly and easily report on institutional risk and perform ad hoc queries to demonstrate compliance and avoid fines.
Better segment customers and personalize marketing Achieve rapid analysis of both historical and real-time data, including daily transaction data, interaction data from many customer touchpoints (like browsing history and call center activity), home value, and merchant records. Organizations will also be able to proactively respond to real-time events, like social media comments or review sites
Improve vendor targeting/retention Identify high-value vendors for promotions and incentives based on factors like revenue generation, revenue potential, or favorable geography.
Enhance and facilitate risk management
- Run counterparty risk analytics with Monte Carlo simulations to get a complete picture of risk exposure with any third party, at many points in time in the future.
- Perform holistic credit risk assessment with fast analysis of all customer data, including deposit information, customer service emails, purchase history, and much more.
Streamline operations and reduce costs Get fast insight across all aspects of the organization.
