Bank Jumpstarts Journey to Predictive Analytics & AI by Building a Foundational Data Platform

Provident Bank, a mid-sized bank with $10 billion in assets, is the oldest community bank in New Jersey with branches across two states. Although they have successfully met their customer’s needs for more than 180 years, they knew that they needed to invest in technologies today that would carry them into the future.

In 2018, Provident entered into a strategic relationship with Aunalytics to build a data foundation that would enable predictive analytics, machine learning, and artificial intelligence (AI) applications in the future, in order to better meet their customers’ needs.


Client

Aunalytics Solutions

Daybreak by Aunalytics provides access to reliable, up-to-date data

Working side-by-side, Aunalytics and Provident Bank developed a strategic roadmap to reach their ultimate goals of advanced analytics, machine learning, and artificial intelligence. The first, foundational step in the journey was bringing together disparate data onto a single cloud platform. Daybreak, Aunalytics’ robust, industry-intelligent, analytics-ready data platform, was the solution to this challenge.

Now decision-makers at Provident Bank have access to reliable, up-to-date data, and are able to answer questions that lead to measurable business outcomes. John Kamin, EVP and Chief Information Officer, has been a champion for expanding analytics initiatives within the organization, and has the following to say about the process of implementing this scalable analytics foundation with Aunalytics:

“A common complaint from our business partners revolved around the lack of data at their disposal to effectively execute their strategies to meet their goals. When digging deeper into the problem, a “lack of data” was not the issue. We have data; every bank has data – tons of it. What we didn’t have was a way to integrate all this data into something useful. We had data alright, what we didn’t have was information. We also knew that the little bits of information we were able to provide were two dimensional, tabular reporting that was excellent at describing where we were, but unable to tell us where we might be.”

“Think about it, all traditional reporting, at best, is a snapshot in time that is obsolete the second after it is produced. We embarked on a journey that would not only allow us to turn data into information, but to enable us to look forward with predictive analytics and AI capabilities. Aunalytics helped us jumpstart that vision. Instead of having to invest in architecting a data environment, Aunalytics provided it. It allows us to avoid huge capital outlays and, in all likelihood, making mistakes that would require additional resources. In six months, we had a data lake at our disposal that included everything in our core banking system along with data from six other sources.”

“We embarked on a journey that would not only allow us to turn data into information, but to enable us to look forward with predictive analytics and AI capabilities. Aunalytics helped us jumpstart that vision.”

John KaminEVP and Chief Information Officer

“We are still early in our journey and it bears mentioning that changing mindsets in how a company thinks about reporting and analytics is a significant challenge. We are well on our way. Once the lightbulb is switched on, the change is palpable. Instead of just reporting the number checking accounts, we can predict how many might attrite in the next few months allowing for proactive campaigns. Instead of reporting the number of loans that are past due, we can predict loans that are likely to default, again, allowing for proactive mitigations to be put into place, etc. We’re in the early stages, but all the pieces of the puzzle are in place. We are limited only by imagination on the types of insights we might uncover.”

Looking to the future

Now that Provident Bank has the foundational, industry-intelligent data mart in place, they are able to focus on answering business questions that drive real value to their bank. A number of personalized dashboards and relevant queries have been developed, and are used to make decisions every day. Provident is no longer simply analyzing their business retroactively, but can now take a more proactive approach to decision-making with the most up-to-date data. By utilizing the domain knowledge, technology, and thought leadership that Aunalytics provides, Provident is positioned to thrive in the financial services industry for many years to come.