Mid-sized banks and credit unions now have access to actionable data, enriched with Smart Features, to enhance customer relationships and deliver the right products and services, to the right people, at the right time
Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, today introduced its next generation of Daybreak™ for Financial Services designed for mid-sized banks and credit unions. The enhanced solution empowers community financial institutions with advanced analytics and valuable business insights to improve customer relationships, strategically deliver new products and services through data-driven campaigns and drive competitive advantage with Aunalytics’ side-by-side digital transformation model.
As with many businesses, financial institutions have a plethora of data that is typically siloed across many systems throughout the organization. Aggregating and integrating this data is a major challenge that can be difficult and time-consuming, if not nearly impossible, such as with transactional data. According to leading analysts, 70 percent of big data and analytics deployments will fail to meet cost savings and revenue generation objectives due to skill and integration challenges.
“We have data; every bank has data—tons of it. What we didn’t have was a way to integrate all this data into something useful,” said John Kamin, executive vice president and chief information officer, Provident Bank. “We embarked on a journey that would not only allow us to turn data into information but enable us to look forward with predictive analytics and AI capabilities. Aunalytics helped us jumpstart that vision.”
Built from the ground up for mid-sized banks and credit unions, Daybreak for Financial Services is a cloud-native data platform with advanced analytics that empowers users to focus on critical business outcomes. The solution cleanses data for accuracy, ensures data governance across the organization, and employs artificial intelligence (AI) and machine learning (ML) driven analytics to glean customer intelligence and insights in focus from relevant business information. With daily insights powered by the Aunalytics® cloud-native data platform, industry intelligence, and smart features that enable a variety of analytics solutions for fast, easy access to credible data, users can find the answers to such questions as:
- Who are my current customers that have a loan and not a deposit account?
- Who are my most profitable members?
- Who are my customers at risk for churn?
- Which loans were modified from the previous day?
- Who are my current members with a HELOC that are utilizing less than 25% of their line of credit?
“As customer interactions become increasingly digital, community banks and credit unions are losing the competitive advantage that local, personalized, white-glove service has traditionally afforded them and, at the same time, they lack valuable business insights that untapped data could provide to improve their operations,” said Katie Horvath, VP of Marketing and Communications, Aunalytics. “Daybreak for Financial Services offers an opportunity to turn that around and regain advantage with the ability to target, discover and offer the right services to the right people, at the right time.”
New features in Daybreak for Financial Services include:
- Golden Record Assurance:
- Daybreak cleanses data for accuracy and governance and transforms disparate data forms and formats into a common language for building data models. Data fields and records are matched and merged into a golden record for a single source of truth, ready for analytics.
- The industry-intelligent data mart is designed specifically for banks and credit unions, allowing them to automatically find customer data across the organization such as lending, mobile banking, ATM, CRM, wealth and trust. Extracting company data from all business units that is accurate and streamed in real-time, enables better decision making. Aggregated data reveals a 360-degree view of customer behaviors and insights for data-driven campaigns and greater customer and product targeting capabilities.
- Smart Features™:
- Aunalytics data scientists create high value data fields derived from a company’s internal data and added to data models capable of answering industry and functional questions. Business users have access to actionable data, enriched with Smart Features, to answer impactful questions for the first time. For example, if a banking customer has improved a credit score and is now in the “excellent” range, the bank can take action and let the customer know that if interested in a home equity loan, s/he qualifies for low interest rates.
- In addition, Daybreak offers a significant advantage with automated data enrichment and pre-built connectors to most major core systems such as CRMs, loan and mortgage systems, and other heavily utilized financial industry applications. Mid-sized banks and credit unions now have access to external data, allowing them to understand more about their customers’ relationships with other companies and identify products and services that customers might be interested in. This presents opportunities that may have otherwise been missed – learning that a customer has outside investment and mortgage accounts might prompt outreach to the customer to make a switch.
- Natural Language Processing (NLP) and Insights:
- Daybreak is built for the non-technical business user to query data using natural language searching, and visually display golden records of data, analytics results, and insights. Users do not need to know SQL, computer coding, database technical knowledge or IT expertise to find answers to their most important business and IT questions.
- Insights allows users to better understand the information in their data by creating visualizations of their query results. Visualizations can be easily configured and viewed as intuitive graphics, not through complex database filtered lists of endless fields, so users can answer important business questions about customers.