Boosting Customer Insights with a Banking Data Analytics Platform

Client

Our client is a leading bank located in the Midwest region of the United States, committed to enhancing customer engagement and driving growth through solutions that leverage data and analytics in banking.

Challenge

The client faced significant challenges in understanding and engaging their customer base effectively. Their existing data systems were fragmented, leading to an incomplete view of customer interactions and behaviors. This hindered their ability to make informed decisions regarding marketing, risk management, and customer acquisition. The key challenges included:

• Disparate data sources resulting in a lack of unified customer information
• Ineffective marketing and customer acquisition programs due to insufficient analytics
• Manual business intelligence reporting processes leading to delays in insights

What the Client Needed:

To address these issues, the client required a banking data analytics solution that could centralize their data, provide a 360-degree view of their customers, and enhance their analytics capabilities.

Solution

We implemented Hexaware PaymatiX™ as a comprehensive platform for customer analytics in retail banking to address the client’s challenges. This solution included the following key components:

• Stand-alone data repository: Developed a harmonized data repository aggregating data from multiple sources, facilitating a unified view of each customer.
• Banking customer analytics: Implemented an integrated data repository that supported advanced analytics and business intelligence, allowing for comprehensive insights.
• Enhanced customer acquisition: Integrated wallet model scores into customer acquisition programs, leading to increased effectiveness.
• Automated business insights reporting: Streamlined reporting processes through automated business intelligence, improving management of marketing, risk, and collections through integrated machine learning models.

Benefits

The client experienced significant improvements post-implementation, including:

• 360-degree view of customers, leading to better-informed decisions
• 5x faster data analysis, enhancing operational efficiency
• Reduced total cost of ownership (TCO) by 30%, allowing for better resource allocation

Summary

The client, a prominent financial institution in the US Midwest, faced challenges in gaining insights into their customer base due to fragmented data systems. To overcome these obstacles, Hexaware implemented PaymatiX™ as a platform for customer data and analytics in banking. The solution provided a stand-alone data repository, integrated customer views, and automated reporting processes, resulting in improved marketing strategies and customer acquisition programs. As a result, the client achieved a 360-degree view of their customers, with data analysis speeds increasing fivefold and total costs of ownership reduced by 30%.