- Banks and other financial services use customer data in a big way and intend upping their data budgets in coming years as data analytics is a big focus item for them. And no wonder- with the amount of data banks store about their customers, they can easily leverage it to understand customers better and build stronger relationships with them.
- Security and fraud detection are also big concerns in the banking world. BryteFlow ingests data sets from multiple channels which can be used to create machine learning models. These can be used to highlight suspicious activity like money laundering, credit card theft, cybercrime etc. with a high degree of accuracy.
A 360 degree view of the customer
Many banks have a lot of data but it is siloed in legacy databases so customer data gets fragmented and a complete picture cannot emerge. BryteFlow can ingest data from different databases to help create a single view of the customer. Every interaction and transaction of the customer is recorded and this data is ingested and prepared by BryteFlow so that employees in different departments can view the enire customer data. This can help banks and financial service organizations upsell and cross-sell products, make targeted offers and generally build closer relationships with customers, increasing customer loyalty and the value of the brand.
Preventing fraud and financial crimes
The banking industry is increasingly seeing digitization of financial transactions which brings its own set of issues-of fraud and financial crimes. However data is a big weapon in the banking industry’s arsenal. They have a lot of customer transactional data-which gadgets customers use, favorite shops online and offline, even the speed with which a customer keys in his account password are data factors that can be used to create a unique signature for clients. The pattern ensures anomalies can be pinpointed easily to prevent financial crimes.
Regulatory compliance is no longer a headache
Government regulations regarding banking and finance are constantly changing. This means demands on compliance increase progressively too. Data audit trails from various systems can be ingested and prepared by BryteFlow and analysed to make sure regulatory compliance requirements are in place.
Enterprise-wide analytics encourages collaboration
BryteFlow can help break down data silos so prevalent in the financial services industry. Valuable data is locked up in relational databases used by different departments. This data could be integrated and shared across teams to produce a unified analytical view of customer behavior, transactions and business operations that could help in risk management, taking better business decisions and unearthing new revenue opportunities.