Big data and machine learning address three critical challenges facing community banks and credit unions
Finalytics.ai, a technology company focused on applying big data and AI that benefit community financial institutions, launched its first software-as-a-service platform at the FinovateSpring Conference May 10 – 13.
The Finalytics.ai platform addresses three of the most critical challenges local banks and credit unions face today:
- Multifactor Data Analysis — While most financial institutions purport to be data-driven, they have few processes that unlock the maximum potential of data available to truly optimize their digital channels. The Finalytics.ai platform aggregates data from the most relevant 1st, 2nd, and 3rd party sources, digital performance sources, competitive business intelligence, and behavioral data from public and authenticated experiences. Through multifactor analyses using machine learning, Finalytics.ai generates insights to dynamically optimize the institution’s digital channels and drive business outcomes.
- Customer or Member Acquisition — The Finalytics.ai platform applies information from multifactor data analysis to dynamically segment visitors to an institution’s commercial website. The platform then applies a proprietary machine-learning algorithm to assemble content to create experiences designed specifically for the prospect’s needs, achieving a “market of one” without complex integrations or requirements to work within a CMS. Dynamic content creation, with insights from search behavior and other marketing channels, improves pull-through rates and customer acquisition.
- Products Per Customer or Member — Increasing the number of products or services customers or members use increases the probability of retaining them. Using machine learning, the Finalytics.ai platform combines data known by the institution and external data sources, applying dynamic segmentation and dynamic content creation to generate authenticated digital experiences that are unique to the needs of a customer or member. These data-driven, unique experiences are presented on the institution’s commercial website and within its digital banking channel. Creating this market-of-one experience increases the number of products held by customers or members and deepens the connection between them and the institution.
“We believe that today’s level of personalization is insufficient in its ability to address the level of expectation by consumers and cannot stem the potential defection of 40% of the customers or members who say they would leave their current primary bank or credit union for a better digital experience,” commented Craig McLaughlin, CEO of Finalytics.ai. “From our 2021 Credit Union Digital Experience Study, we found that this risk is compounded by the fact that these institutions do not have optimized digital channels. Research we recently conducted which indicates that unless community banks and credit unions go beyond their current digital engagement efforts, their member numbers will decline as they defect to the mega and digital-only banks. The Finalytics.ai platform is designed to address the limitations of traditional personalization to meet the consumer’s ever-increasing demand for improved customer/member experiences.”