Retail banking has great data collection and data aggregation potential. Information is available on the customers’ demographics, financial status, product preferences and transactional habits. Utilized properly, data analysis enables providers the options to offer highly personalized products, activate dynamic pricing, improve cross-selling and monetize directly on data by sifting through fraudulent transactions.

No more bad loans

When it comes to data science and data analysis the banking sector has a great advantage; considerable customer trust in the processing of personal data. Knowing the loan candidate’s age, contact details, address, employer information, remuneration history, etc., creates an abundance of data to be cross analyzed. Big Data and machine learning finds behavior patterns in bad loan users which significantly minimizes the risks. With automated analytics you can approve or reject a loan application while the form is being filled.

Recognize fraud

The best sales risk analysts will give you several key indicators of fraud. Experience and intuition teaches them to look there for potential bad transactions. Machine learning and data mining explore all collected variables and compare them to indicators from both good and bad previous transactions. From this, they can accurately categorize any pending payment as good or bad. Smart algorithms adjust themselves to your environment – specific cases in your location, business, and client base are taken into account to prevent potential analysis mistakes.

Personalize your offers

By studying client information, such as demographic category and balance history, you can offer them products and services that they simply can’t refuse. You can improve your communication with your clients by contacting them the right way and at the time they are most likely to respond positively.

Optimize your pricing

Say goodbye to standard pricing and package deals. Learn everything about your customer and answer questions such as; how long will they keep the deposit? How likely are they to repay early or refinance their loan with the help of a competitor? How likely are they to receive regular salary raises and how likely will these facts affect your relationship with them. These are all factors you can predict; giving you great power to optimize your prices, rates and taxes.

Possible use of machine learning

Unmatched personalization of products
Dynamic competitive pricing
Generate accurate credit scores

Most people know their behavior on the Internet is tracked. But the popular idea does not reflect the full picture. Statistics show how much time each user spent on a page, how far they scrolled down and what they are looking at. The accuracy with which this data can predict the interest of the user in a product and how close they are to making a decision about a purchase has great potential for e-commerce.

Imagine you are in a situation where you can closely predict what, seemingly inactive visitors, are most interested in and how likely they are to purchase a product. Amazon has used a similar strategy to optimize their monetization on cross-selling and up-selling.

Best price guarantee

Beat the competition in the numbers game! Analytics will answer all your pricing questions: What is the value of your products and services? At what price level will you optimize your sales? Which group of customers brings you the most revenue? What price label are your customers most likely to respond to? How often do discounts help you and how big should they be? Recognize a profitable customer as soon as they create their account, even before their first purchase! Now you can do it. Now the price is right!

Tailor-made advertising

Maximize your sales by studying the taste of your customers. Get to know exactly what they need, when they need it and why they need it. Then improve your offers and campaigns to the exact size and color of the item. Finally, for good measure, throw in some accessories with a discount and watch the volume of your sales rise above all others. Use predictive models to track the pattern of a shopper’s behavior and always be one step ahead. Never doubt your next move.

Win the logistics game

Throw away the ‘out of stock’ signs. Use charts, graphics and projections to study your inventory. Make logistics decisions with ease. Now you do not need to overstock your locations. Now you can be smart. You can optimize your efforts, unclog your shipments and warehouses. Predict demand and provide supply. Track each item from the manufacturer, to the shelf in your warehouse, to the local site, and finally your customer’s home.

Forget about fraud

New generation credit scoring will allow you to relieve your sales process significantly. Allow your Sales personnel to focus on more important and profitable activities such as pre-sales support. Trust automated analytics to consider a complex blend of factors about the buyer – location, time of day, time taken from account creation to purchase and many others – all with their respective weights. Make decisions with confidence and ease. Now you know who you can trust.

Possible use of machine learning

Cross-selling, up-selling and down-selling optimization
Personalized pricing and promotion
Personalized advertising
Competitive pricing

Intelligent credit scoring

You probably give your loyal customers special treatment? Better prices, discounts, maybe even gifts. Why? Because you trust them. So what would you say about a solution that tells you if your new subscribers will be loyal, or if they are not to be trusted? Wouldn’t it be wonderful to be able to tell them apart as soon as you catch a glimpse – the ones to spoil and retain from the ones to be cautious about? Make confident decisions thanks to automated analytics. Receive actionable advice. Now you do not need to make the hard decisions. You do not need to speculate in the dark. Now you can trust facts.

Automate your sales

Based on a highly accurate and intelligent automated credit scoring, you receive real time answers to your questions. Should you accept the payment, or is it too risky? Should you trust the account, or is there a reason to deny service? You can automate your sales process and take the high-confidence decisions for granted. Stop wasting your human resources and true talent on half informed decisions. Now you always know the answer.

Study and predict behavior

Your analysis results will reflect the patterns discovered in the behavior of your particular target group. You cannot get accurate results if the subject that you study is not the subject you apply the rules to. Regardless of whether you are looking for your local market, a market with specific interests, or even exploring prospective markets, analytics will show you which direction to go and the way to success with the audience that matters to you.

Make a name for yourself

Process transactions with lightning speed, and high levels of certainty for yourself and for your customers. Be the provider they recommend through word-of-mouth. Be the best bet of any business to guarantee themselves clean sales and save themselves the trouble, the embarrassment and the financial penalties of chargeback. Your logo will now be a seal of excellence for any e-commerce. A quality stamp to tell businesses and customers their transaction will be processed quickly and professionally. They will not carry the burden – you will not treat every user as a potential fraudster, and your customers will feel the difference.

Possible use of machine learning

Use predictive analysis to prevent fraud
Predict based on patterns when users are most likely to choose your competition
Optimize marketing campaigns

Predict demand, provide supply

Learn how to gather information for customer demand without wasting time and effort. Do it smart. Become a prophet of the cart. What is needed? What quantity? Where? How long? Predict not only the interest in a product, but the customer behavior related to that purchase. How likely is an item to be returned? How likely is your customer to purchase other versions – more colors, more sizes? Will they need fillers or accessories? How many? How frequently? The answers to those questions are valuable. They bring you profit on the one hand and savings on the other. They give you the tools for exceptional and dynamic client interactions. Make your service priceless for anyone who values their time and money.

Intelligent inventory

Take an analytical approach to your logistics management. Create foolproof short- and long-term plans based on facts and numbers. Make the right decisions to preserve the quality and packaging of the products; to optimize transported volumes and quantities; to reach the customer as fast as possible; and to keep the client informed of timing and possible changes in their delivery. No one likes bad news, but, worse than that, no one likes bad surprises. Provide your products in the best condition in an expected timeframe to win over the trust of your customer.

On the road to success

Plan smart transportation. Collect statistics from your travels and about your vehicles. Aggregate your collected information with other open data sources and create a trust-worthy database, optimized for your products, vehicles and routes. Learn how, why and where you can expect the worst traffic conditions. Avoid seasonal or event peak times. Deliver on time, for minimum cost and with minimum effort. Provide the best care for your freight, employees, partners and clients.

Possible use of machine learning

Stock optimization by predictive analysis
Track products with intelligence
Keep customers informed and win their trust
Use real-time data for ideal routing