Analytical software methods have a long-recognized history of adding value to forward-thinking business executives across industries in multiple areas. This includes better identifying trends and responding to change, detecting risk and uncertainty, improving customer experience and convenience, and elevating marketing and operating insights. The use of analytical methods to view data illuminates what happened (descriptive), why it happened (diagnostic), what is likely to happen (predictive), and the best next steps (prescriptive).
Successful financial institutions use solutions with substantial embedded analytics and multifaceted capabilities, such as:
- Predictive Customer Attrition—Monitors transactional events, each corresponding to a potential positive or negative implication. This capability closely examines factors such as severity, frequency, value, and longevity. With this predictive information, management may proactively execute initiatives to improve customer engagement.
- Fraud Detection—Enhanced predictive accuracy, streamlined fraud detection processes, lower staff adjudication costs, and better customer experiences.
- Credit Underwriting—Evaluates data from sources (such as credit applications, consumer and business reporting agencies, valuation services, and internal files), providing transparency, proof of process, and consistent decision-making. This functionality intelligently interprets this data, exploring positive and negative creditworthiness factors and trends to recommend approval and pricing decisions.
- Real-Time Interaction Management (RTIM) Customer Engagement—Intelligently analyzes customer engagement responses so that relevant communication can occur for application solutions such as Voice of the Customer (VOC), customer segmentation, and customer engagement for fulfillment abandonment.
- Signature Verification—Provides signature image verification that matches signatures to reference images for authenticity.
For more information, download the Using Analytical Software to Create Better Business Outcomes white paper.
