Finance & Banking
Fin Lytix is our advanced in-database analytics solution developed specifically for the finance and banking industries.
In recent years finance and banking has undergone transformation, affecting both the industry and the way its customers access it. Many factors are responsible, including:
- Competition: Particularly in Europe, more organizations other than traditional banking are offering finance, mortgages, current and savings accounts, loans, etc.
- Digital banking: A move from branch banking to online banking has seen more customers solely satisfy their banking needs digitally, seldom, if ever, stepping into an actual branch.
- Customer confidence: Customers now are more confident to shop around and change bank or provider, and use more than one company for their range of financial needs.
Changes have resulted in decreased bank-to-customer direct relationship and less automatic customer loyalty. In this more hyper-competitive environment with savvier than ever, more detached customers, retail banks have to work hard to firstly acquire a customer and then satisfy and retain them. As customer value is key to decision making in this industry, finance corporations and banks are keen to leverage data with finance analytics to understand their customers, know what products will be of appeal to them, and learn how to best communicate with them.
Our finance and banking clients use in-database analytics to give them fast and real-time results, up to 100x faster than traditional solutions. The powerful processing power of our products – taking process times from days to minutes on unlimited variables - helps give our clients a competitive edge with amazing savings in cost, time and resource.
Some examples of how our finance and banking clients have benefited:
- Product development and management: costing and positioning of product range, identifying target audience, probability of product take up, identifying and addressing customer service issues
- Marketing: campaign management, customer communications, social sentiment, competitor reviews, wallet share analysis
- Customer profiling: identification of high value customers, prediction of default likelihood, credit risk management, credit scoring, customer lifetime value
We work with clients worldwide and have experience with localized retail banking markets and their particular environments, challenges, and standards and regulations: talk to us about your particular needs and let us tailor-create your solution.