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DATA ANALYTICS

Analytics has become an important part of every core function around the world. Banks and financial institutions are also understanding the immense value that data driven insights bring in. With much of the data revolving around customer behaviour, analytics gives us key insights into understanding our target audience better. As a result, banks and insurance companies can improve their product offering, enhance customer loyalty, dish out relevant up-sell and cross-sell offerings, reinvent customer retention schemes, screen applications, simplify documentation, put a check on fraud detection and so much more.

Going a step ahead, predictive analytics helps banks and insurance companies to analyze current data and predict future outcomes. Having better control over future planning is definitely of significant value.

Customer 360

This refers to the creation of a master customer record by aggregating all data about that customer from across the organization. 360 provides a trusted, single view of a customer’s name, address, contact information, gender, and interactions with a business. The view can include information about purchase history, billing, service issues, social presence, and channel preferences. Businesses can use this data to inform engagement strategies, customer journey steps, communications, personalized offers, and deliveries. A Customer 360 view enables organizations to derive value, achieve a sustainable competitive advantage, and maximize new customer acquisition opportunities whether in-store or online.

 Branch 360

This refers how your branch will performance based on the target given by the higher management .Branch 360 will indicate following which include Finance, Product & customer details

• How profitable a branch/ region/ zone is?
• KPI’s performance of the branch/ region/ zone today?
• What is the Best Product of the branch today?
• What is the product-wise daily income of the branch?
• Different Customer Segments of the branch?

 NPA Perdition

Perdition NPA will help bank to understand the customer who is moving to NPA proactively with the proactive approach bank may act accordingly and find a solution rather than reaction approach.

Product Performance

The integration and use of both branch profitability analysis and product profitability analysis can lead to better insights and help shape decisions and strategies for each branch. Product profitability measurement reveals the products used most and least by the customers of each branch and indicates what drives branch profitability. For example, if a concentration of customers at a particular branch uses an unprofitable product, there may be an opportunity to shift customers to more profitable products or to change processes, pricing, or fee structures for those products to help improve overall profitability.

Increased efficiency

One of the most significant benefits of is that it increases the efficiency of all the banking processes by integrating them all into a single platform. You would get fast and easy access to any required data across the entire bank and even all the departments. Every other daily task such as filling in the data or creating new reports is already automated with an ERP system of the bank. Moreover, ERP tends to eliminate the need for repetitive working processes.

Enhanced data security

Another important benefit that an system offers is that they lower the risk of data breaches. With the help of an ERP system, every single access point would be monitored with ease, and consequently, the security level would be much higher than usual. Moreover, having ERP in banking industries also helps in the detection of any sort of suspicious or unauthorized activities as all banking activities would be available to the admin.

Reduced costs

An ERP system would also help you save on some operational costs and cut down the overall budget. Due to all the processes getting streamlined and monitored, the eventual disruptions or breakdowns are more likely to be prevented or eliminated. This tends to help you save on some extra operation.

Automatic Report Generation

Generating compliance reports for fraudulent transactions in the form of suspicious activity reports is regular requirement for the banks and financial institutions. Conventionally, compliance officers are supposed to read all the reports manually and fill in the necessary details. This makes it an extremely repetitive task which takes a lot of time and effort.

RPA technology, with natural language generation capabilities, can read through these lengthy compliance documents before extracting the required information and filing . For optimal results, the RPA software can be trained with inputs from the compliance officers on the parts of each document which best fit each section of the report. Not only does this help in reducing the operational costs, but also saves the time taken to perform the task.

Customer onboarding

Customer onboarding in banks is a long, drawn-out process; primarily due to several documents requiring manual verification. RPA can make the process much easier by capturing the data from the KYC documents using the optical character recognition technique (OCR). This data can then be matched against the information provided by the customer in the form.

With RPA, the cumbersome account opening process becomes much more straightforward, quicker, and accurate. Automation systematically eliminates the data transcription errors that existed between the core banking system and the new account opening requests, thereby enhancing the data quality of the overall system.

Customer service

The volume of everyday customer queries in organization (ranging from balance query to general account information) is enormous, making it difficult for the staff to respond to them with low turnaround time. RPA tools can allow banks to automate such mundane, rule-based processes to effectively respond to queries in real-time, thereby reducing the turnaround time substantially.

Loan processing & Rescheduling

Loan processing & rescheduling has always been considered as a tediously slow process. Although the bank has automated the process to a certain extent, RPA further accelerates it and brings it down to a record 10-15 minutes for processing.