Analytics outlook: Understand your customer
Following successful internal and external proofs of concept in the areas of sales optimisation as well as processing and modelling of external data, Finnova is currently increasingly concentrating on the further development of the areas of fraud detection and prevention as well as analytical CRM.
The focus is on topics such as real-time analysis of internal and external data across clients and counterparties, their relationships, behaviour and transactions, as well as identification of new, as yet unknown, suspicious or promising behaviour patterns. As a result, the originally compliance-based term ‘know your customer’ gains a completely new meaning and develops in the direction of a comprehensive ‘understand your customer’ approach. The protection of clients, the integrity of the bank, and the optimisation of sales campaigns, client satisfaction and maintaining the client base are all at the heart of this. Important functionalities are already available to our customers for the generation of added value.
These functionalities work with the client master for large databases and data streams, making client risk-based profiling and analyses of behaviour possible. Upcoming further developments of the existing basic functionalities focus on possibilities for modelling, particularly in the areas of credit risks and analytical CRM.
The expansion of the Finnova Analytical Framework will extend the possibilities for data analytics in the future. This is based on structured and unstructured data and enables in-depth knowledge at an as yet unattained level.