Finance & Insurance
- Gain competitive insights from your transaction and customer data.
- Detect fraud, manage risk, and cope with Cybersecurity threats.
- Innovate by leveraging fintech opportunities.
- Analytics for Customer Insight
- 360° View for Contact Centers
- Cybersecurity Operations Center
- Fintech enablement and innovation
Financial institutions operate in a complex and changing competitive and regulatory environment where services are partly standardized by regulations and legal frameworks. Major differentiators of financial services are cost-effectiveness, quality and customer experience. In the recent years, the agility of enterprises has become an additional factor of significance. Consequently, an approach to optimize these differentiators is called for.
The analysis of both structured and unstructured data will get deeper insights into customer behaviour, their service usage patterns, preferences, and interests real-time. Smartphones and wearables offer a unique way of connecting and reaching out to customers who want to perform and monitor financial transactions anytime and anywhere. Fraud management based on Big Data will help reduce risks inherent to large financial transaction volumes. The same analytics technology enables the detection of trends, customer value analyses, the identification of unusual patterns, and a live tracking of the effects of marketing campaigns. Ad-hoc customer insight facilitates even efficient micro-campaigning. Social media analysis provides voice-of-the-customer insights and yields actionable information. This is a perfect scenario for Big Data analytics.
Relevant Solution Areas
Bank and insurance customers typically use the standardized services subscribed to in a self-service manner, i.e., they will contact the financial institution only if there need to be contractual changes or if there is a problem. Contact centers bundle this customer front-end via e-mail, fax, phone, sms/mms and conventional mail.
Customer experience is determined by the efficiency and quality of this customer care. Contact center agents need a 360° view of each customer to quickly address issues, offer resolutions or point out benefits of new products. This will increase customer satisfaction and reduce churn. Contact center time is valuable, and even a 5% reduction in calls that take on average three minutes (that's an equivalent of 18 seconds saved per call) will significantly decrease contact center cost. Intelligent search techniques and Big Data platforms provide this kind of 360° dashboarding, interactive search and exploration, but also the management reporting required for business performance management and alerting for an incident management.
Relevant Solution Areas
Cybersecurity Operations Center
The integrity of a financial institution is essential for their business. It needs to be protected against cyberthreats and cyberattacks from the outside and inside, but also monitored for abuses and accidential misuses. The trust customers place in a financial institution also relies on the degree to which cybersecurity is pervasively implemented. Traditional SIEM (Security Information and Event Management) platforms are too static to hold up against sophisticated attacks and misuse patterns.
In contrast to SIEM systems, a full-spectrum 360° view on all relevant information from about devices, connections, services and applications in combination with physical security data like alarms, access control events and environmental conditions is required. Our next-generation Cybersecurity Operations Center based on Big Data analytics will provide this: finally, an intelligent platform for anomaly detection, network analysis and tailored Threat Intelligence that provides real-time views on the Cybersecurity status of an entire organization. Drill-down capabilities allow security officials to zoom into specific areas to investigate unusual activities in more detail.
Relevant Solution Areas
Financial technology companies are an emerging financial services sector applying information technology to the optimization of traditional services. This includes innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin. Consequently, fintechs face technological challenges, while traditional financial services companies have to cope with a growing competition from fintechs.
Cyber Vision employs latest technology from the Big Data, analytics, IoT/wearables, cloud and Cybersecurity and other IT sectors to improve existing processes or innovate and create new customer experiences. This may occur as fintech initiatives inside traditional financial institutions or as a support for fintech startups. Solution approches include service-based and crowdsourced investing, robo advice and investments, new customer experience designs, optimization of cost structures, disintermediation of traditional business models, usage-based insurances, predictive models, and more.