The financial service industry is dealing with tremendous record amounts of data moving faster than ever. Fast and smarter analytics approach will increasingly become the competitive differentiator among financial service institutions. The true compelling and strategic value of these data streams is to adopt to the current and future market changes in order to predict consequential outcomes. Simula platform and consulting services enables to our clients to optimize the management and operational decisions in core processes.
In the age of saturated markets the credit risk and go2market response models will remain super important for acquiring retain the existing and obtain a new customers. The proven fact is that marketing analytics can also drive a customer satisfaction, retention, and profitability. In order to improve the core banking process, Simula enables testing and verifying of sales case scenarios for predicting the profitability of a prospective customer, owning a product before the product is offered, or identifying the most lucrative client categories with proven statistical algorithms. Faced with the challenges of how to constrain the cost structure, increase revenue, and mitigate risks, innovative financial analytics solutions are being used to improve regulatory compliance, automate business processes, and enhance customer experience.
Such capabilities are enabled by analyzing structured data and unstructured text within the data stores available to the banking and financial institutions. When expert analytics consulting expertise is combined with internal organization commitment, the strategic value of data is greatly enhanced. Marketing analytics provides a sustainable competitive advantage by helping to understand customer sentiment and behavior and to adapt to changing customer needs. Personalizing the customer banking experience through targeted products and services improves customer loyalty and satisfaction. Simula analytics consulting services can provide support throughout the journey — from assessing analytic strategy up to managing the institutional challenges of integrating analytics into core banking systems and related processes. Making analytic insight accessible to the right people at the right time is critical to maximizing value derived from data
Our clients, whether newly formed analytics teams or established pro’s, find that Simula help them understand their data, strengthen their teams’ abilities, and bring to the forefront basic and advanced levels of insights aligned to their needs. Examples of our banking and financial analytics services you can find more details
Improving the Effectiveness of Marketing Campaigns for Financial Products
Simula built cross-sell and marketing process by enhancing the visual association of financial data which with integrated discovery tool for identifying cross-sell/up-sell opportunities and analytics models for financial products campaigns. The models identified customer/product pairs for mass-market campaigns, as well as more rare and profitable “contact” sales opportunities. To achieve the necessary analytic breakthroughs, Simula developed a custom association rules platform that has since been generalized to address problems in multiple industries.
Improving Credit Card Risk Scoring
Simula taem have capacity to provide an outside perspective to enhance the credit risk scoring results for a client with an in-house team of analysts with advanced degrees capacity. Over many years Simula team of consultants had implemented models to world-class levels of performance. Astonishingly, Simula’s expertise with a dozen modern data science algorithms was able to significantly improve the prediction of bad credit risks over the client’s models. The improved the early identification of credit card accounts likely to default led significant annual gains for our clients. Simula designed and implemented sequence matching patterns for a regulatory agency to identify risks in brokerage firm compliance, anti-money laundering, and equity trading and market making applications. These technologies were incorporated into a product that operates on large data marts to uncover patterns of suspicious behavior and provide actionable alerts to financial institutions.
Predicting Financial Account Churn
Simula partnered with a diversified bank to predict account closures (i.e. churn), prioritize marketing interventions, and understand precursors to customer churn. The goal was to improve the predictive performance of an existing account churn model that was based on heuristics in order to reduce account churn rates by at least 10% using only internal data. Simula built a predictive model that was 20% more effective at predicting customer churn than the existing techniques.