Leveraging Predictive Analytics to Drive Engagement & Identify New Opportunities
Managing large volumes of data is nothing new for financial institutions, but those who let it sit idle and siloed are arguably losing one of their greatest assets. With automation, artificial intelligence (AI), and machine learning (ML) capabilities, banks and credit unions have an opportunity to leverage this information for practical, strategic decision making, transforming user behavior data into actionable business intelligence that drives personalized services, enterprise-wide data visualizations, and risk mitigation solutions. These technologies, coupled with intelligent data-based automation capabilities, enable a modernized banking ecosystem vital for staying relevant with account holders and competitive in the larger market.
Data Insights – Encompassing Every Level of Your Transactional Infrastructure
Although each account holder possesses their own unique financial narrative, individual wants and needs are often hidden within user behavior data. Predictive analytics capitalizes on information like saving and spending habits to identify new, relevant opportunities that connect account holders with sensible, timely, and targeted complementary services based on their financial situations.
- Financial education
- Financial management and planning advice
- Personalized marketing campaigns
- Companion service offerings
In turn, institutions can leverage this data to screen applicants or approve loans, offer financial planning services, and extend a helping hand - strengthening their existing relationships based on customized business rules and scoring models. Predictive analytics can also be leveraged to measure the strength of customer or member loyalty, determining the lifetime value of each client. Or, data can be utilized to detect, monitor, and prevent fraud – even stopping fraudulent activities in real-time. The ability to predict future outcomes and trends based on historical data helps banks and credit unions drive deeper connections with its users, securing and modernizing every facet of their transactional ecosystem.
- Application screenings
- Scoring models
- Fraud prevention and risk mitigation
- Loan approvals
Personalization = Trust, Security and Familiarity
As consumers continue to reach for their smartphones, it’s critical for financial institutions to identify and implement tools that match the same level of personalized engagement offered within the branch.
Powered by intelligent automation, AI, and machine learning, Alogent’s suite of proven, end-to-end solutions deliver data-backed capabilities that leverage user behavior and predictive analytics for a strong banking ecosystem. Leverage personalization and promote a trusted banking environment that solidifies long-term institutional loyalty and lasting success.