For every one billion in assets, the average financial institution has half-a-billion data elements they need to understand in order to attain business insight. Customer data, as only one example, is usually spread across isolated systems containing a high rate of errors. Studies show that up to 25% of customer data is either incorrect due to typos and the entry of data into the wrong fields or inaccurate due to the slow decay of data. Further, data within traditional vertical applications is structured for transaction performance, not for reporting and analytics.

Accurate insight is not attainable from dirty data. Data must be transformed into informative views that are easy-to-use, understandable, and dynamic from every angle and perspective before being able to answer today’s tough and constantly changing business questions. To accomplish this, Banker's Insight employs a multi-step process to extract, cleanse, transform, integrate, and enrich data.

Extract

Our first step is to map your data into our solution's information model. We can support new data sources quickly and without limitations on the format of the data or the system from which it originates. We accomplish this with minimal involvement from your IT staff and without requiring labor-intensive efforts on their part to modify the source data on our behalf. Data is encrypted and pushed into Banker's Insight without direct connections to your source systems or impact to your existing processing. The data we receive and the frequency we receive it is flexible and driven by your needs.

Cleanse and Transform

Our data quality engine is the cornerstone of Banker's Insight. Data elements determined to be incorrect or incomplete are corrected and standardized or, when necessary, are logged and purged from the system. Names and addresses are broken down into individual components. Address standardization allows postal-certification for mail marketing campaigns with the added benefit of structuring records so that Banker's Insight can discover hidden relationships and consolidate legacy data sources into a single view of the customer and household. This creates a single version of the truth for accuracy and consistency.

Integrate

The integration step ties everything together into a single, understandable view of your entire business. Banker's Insight discovers and links together previously unconnected information. An accurate 360° customer portrayal is achieved by consolidating customer relationships with accounts, branches, households, products, and other customers. It can also be enhanced with additional demographic, geographic, or prospect information from other sources. Unlike other approaches, with every additional transaction that it processes Banker's Insight learns and extracts meaning, allowing our recognition features to discover more complicated but often more valuable relationships across multiple lines of your business.

Attain Insight

In addition to cleaning and integrating data, Banker's Insight enriches your data in a variety of ways. We calculate totals and averages at all levels across time, organization, product categories, geography, general ledger accounts, and many other areas. At every level point-in-time snapshots produce performance figures you can use in comparative analysis to attain powerful insight. Additional calculations include contribution, life-time value, statistics, time series, and financial metrics at the account, customer, and household levels.

The large volume of raw data in a typical financial services company makes it difficult for analysts to find hidden patterns in data. Banker's Insight excels at “data mining” capabilities that further describe your data and predict trends and events. Descriptive data mining models sort through mass amounts of data to recognize patterns and group data using sophisticated algorithms. We cluster customers and households into like segments, making it easier for you to understand and predict their behavior and needs.

Predictive models look at events, such as customer attrition, and determine factors capable of forecasting future events. We also create models to score customers for profitability and attrition risk allowing you to identify and keep your best customers. In addition, we can provide models to recommend products for customers based on their market cluster, lifestyle, and demographic information. These analytics are also able to utilize historical data to forecast trends.

To learn how we turn insight into action, click here.