Data is a valuable resource and banks have arguably more data with greater value than any other industry. This is because banks process more significant transactions for clients than other industries, offering them unmatched insight into consumer needs.
Uses for data include: Detecting fraud, finding new customers, making lending decisions, offering new products to current customers, and learning more about how consumers interact with the bank to improve services.
Many banks, however, aren’t doing enough to take full advantage of their data. This is often due to the use of outdated technologies that make data difficult to access and process.
The client, a multinational bank, had a large volume of data from various departments that they sought to process in a more agile and efficient way. The goal was to use the data in strategic, commercial decision-making.
The client contacted Encora to create a structured data repository that would enable them to centralize data sources and reduce operational tasks, freeing up the Data & Analytics team’s time to focus on data analysis and support the commercial department with their findings.
Encora architected and built a Data Hub solution to handle the client's large daily volumes of data, translating each into key business metrics across product, customer, and business objectives.
The Data Hub solution automated resource-intensive and complex tasks. This automation enabled the client to focus on exploring and analyzing their data for improved commercial strategy. With the Data Hub solution, the client can identify groups of potential customers and analyze variables such as customer adoption, retention, and sales. The client’s commercial department has full and constant visibility of daily, relevant metrics for rapid decision-making.
40% Faster.
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