How to Assess True Branch Profitability in Mid-Market Banking
How to Assess True Branch Profitability in Mid-Market Banking
Branch profitability calculations are critically important for branch planning. Traditionally, the branch where a customer opens an account receives credit for that customer’s business. But it’s not always that simple. Learn how analyzing the right data can lead to more accurate results.
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Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
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Mid-Market Bank Achieves Targeted Marketing Success
Mid-Market Bank Achieves Targeted Marketing Success
Customers are increasingly demanding digital banking experiences, immediate results and responses to sales and service inquiries, and easy-to-use online platforms. While it is common for banks to invest in building mobile and online banking platforms, industry trailblazers are now harnessing the power of data and analytics to drive revenue and smarten operations.
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How to Use AI for Smarter Financial Institution Service
Data has long been used in decision making in the financial services industry. Statistical scoring models based on consumer data like FICO® have been used for half a century to guide lending decisions in the financial services sector. But today’s analytics space has evolved to the point where many other factors not easily digested by credit scoring bureaus play a roll. Imagine a deeper understanding of lending risk factors not commonly reported in credit scores:
- Number of changes of residence in the past five years
- Householding status (single or cohabiting/married)
Imagine having the ability to look at a particular client and understand based on past data how that individual compares in terms of various factors driving that business relationship:
- Which of our financial products is this customer most likely to choose next?
- How likely is this customer to default or become past due on a mortgage?
- What is churn likelihood for this customer?
- What is the probable lifetime value of this customer relationship?
Aunalytics financial services experts understand the most pressing business questions specific for this industry. Working with our financial services experts, Aunalytics’ Innovation Lab data scientists have developed proprietary machine learning, AI and deep learning algorithms based on a solid understanding of the data commonly collected by financial institutions. Our data engineers understand the types of data commonly created and used by the industry, common data sources and have created integrations to bring data from across a bank together into a single analytics-ready feed. The end result is data organized into industry specific relational data marts ready to answer questions posed by business users from financial services institutions.
A SHAP value chart for a remarkably accurate loan default risk model we developed. A benchmark with testing data provided by one client was able to predict 30% of that customer’s loan defaults with 99% accuracy, or predict 75% of all loan defaults with 75% accuracy (i.e. 0.99 precision at 0.3 recall or 0.75 precision at 0.75 recall).
Take the example of a recent model we developed at Aunalytics to predict loan default risk. Looking at a chart of the SHAP (Shapley Additive Explanations) values for this model, we can see a number of common-sense observations confirmed. For example, high interest loans (represented by a pink dot in the Account_InterestRate line) and low FICO scores (represented by a blue dot in the Lend_OriginalFICOScore) positively correlate with default risk. This model discovered some much less intuitive characteristics of high risk loans as well: For some loans, payment frequency (Lend_PaymentFrequency) was actually the single most important factor for predicting loan defaults. Moreover, a well-known but not always properly appreciated factor to default risk is illustrated visually: the type of loan being underwritten (Account_ProductType) is in many cases just as important as a customer’s credit score to default risk. Auto loan applicants with high FICO scores might be more of a default risk than customers with low credit scores shopping for a home mortgage.
In so many cases, machine learning techniques enable more accurate and understandable models of risk, propensity, and customer churn because they represent a more complex model understanding of the various factors that go into risk modeling. Our models deliver greater accuracy than simpler, statistical models because they understand the relationship between multiple indicators.
Through AI and machine learning enriched data points, clients can easily understand a particular customer or product by comparing it to other customers with similar data. Whether you want to know if a customer is likely to select a new product, their default risk, churn likelihood, or any other number of questions, our data scientists and business analysts are experienced and committed to answering these questions based on years of experience with financial services businesses.
Aunalytics to Participate as a Silver Sponsor at the Michigan Bankers Association Annual Convention
Leading Data Platform Provider Will Feature Daybreak for Financial Services Providing Mid-sized and Community Banks with Valuable Business Insights Using Advanced Analytics to Accelerate Competitive Advantage
South Bend, IN (June 9, 2021) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, will participate as a Silver Sponsor at the upcoming Michigan Bankers Association Annual Convention, June 16-18 on Mackinac Island, MI. The company will showcase its DaybreakTM for Financial Services solution that enables bankers to better target and deliver new services and solutions for their customers to remain competitive. On the last day of the convention Aunalytics’ Client Relationship Director, Taylor Oake, will have the honor of introducing the final keynote speaker, Kyle Carpenter, the youngest living recipient of the Medal of Honor.
Built from the ground up for mid-sized community banks and credit unions, Daybreak for Financial Services is a cloud-native data platform with advanced analytics that empowers users to focus on critical business outcomes. The solution seamlessly cleanses data for accuracy, ensures data governance and employs artificial intelligence (AI) and machine learning (ML) driven analytics to glean customer intelligence and business insights for competitive advantage.
“Financial institutions have a massive amount of data that is typically siloed across the organization. Aggregating and integrating this data is difficult and time consuming,” said Rich Carlton, President, Aunalytics. “The utilization of digital banking platforms enables them to harness the power of their data to gain valuable insights and better target and deliver new services and solutions for their customers. We’re pleased to be a silver sponsor at the upcoming Michigan Bankers Association convention and show how our Daybreak for Financial Services solution can help bankers intelligently anticipate customer needs and deliver the right products and services at the right time.”
Tweet this: .@Aunalytics will showcase its advanced analytics data platform at @mibankers Annual Convention #Dataplatform#Dataanalytics#Dataintegration#Dataaccuracy#ArtificialIntelligence#AI #Masterdatamanagement#MDM#DataScientist#MachineLearning#ML#DigitalTransformation#FinancialServices
About Aunalytics
Aunalytics is a data platform company delivering answers for your business. Aunalytics provides Insights-as-a-Service to answer enterprise and mid-sized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Sabrina Sanchez
The Ventana Group for Aunalytics
(925) 785-3014
sabrina@theventanagroup.com
What is the best analytics tool for business users?
What is the best data analytics tool for business users? As more business leaders face this question in recent years, most are finding just how hard it is to answer. The data analytics landscape has exploded over the past decade with an ever-growing landscape of products and services: literally thousands of tools exist to help business deploy and manage data lakes, ETL and ELT, machine learning, and business intelligence. With so many tools to piece together, how do business leaders find the best one or ones?
As with most things, the best tool set is simply the one that tailors itself best to the problems and questions that need to be solved. For some users, this could be how to integrate and clean data across siloed systems. Others may want to know how to publish analytical datasets of relevant data and metrics to analysts and marketing researchers. Others may have questions about how to derive value from large amounts of data with machine learning.
The Answers Platform
Aunalytics has built its data platform of tools to answer all of these questions. We believe in providing answers to questions with our integrated data analytics platform and leveraging our industry expertise to put these tools to work for you.
Unlike most tools on the market, Aunalytics provides a comprehensive, end-to-end data platform with all the tools your organization needs:
- Data integration, cleaning, and migration in the loud with Aunsight™ Golden Record
- Data transformation, processing, and delivery with Aunsight Data Platform
- Machine Learning and Artificial Intelligence with Aunsight Data Lab
- Delivery and exploration of the data lake with the Daybreak™ Analytical Database
Side-by-Side Service Model
More importantly, Aunalytics’ side-by-side service model provides value that goes beyond most other tools and platforms on the market by providing access to human intelligence in data engineering, machine learning, and business analytics. While many companies offer one or two similar products, and many consulting firms can provide guidance in choosing and implementing tools, Aunalytics integrates all the tools and expertise in one company as your trusted partner in digital transformation.
A Comprehensive Platform
While there are a large number of options to choose from, we at Aunalytics believe our distinctive approach and comprehensive platform tools provide the best solution for all but the largest companies who may wish to create custom analytics solutions in-house. Wherever you are on the data analytics journey, from just beginning to explore the possibilities in your data to global companies with established data science teams, Aunalytics can provide a path through the complicated landscape of tools and infrastructure to grow your company’s data analytics program.
2021 Michigan Bankers Association Annual Convention
Michigan Bankers Association Annual Convention
Grand Hotel, Mackinac Island
Aunalytics is attending the 2021 MBA Annual Convention as a Silver Sponsor
Aunalytics is pleased to once again attend the Michigan Bankers Association Annual Convention at Mackinac Island. We are excited to introduce keynote speaker Kyle Carpenter, the youngest living recipient of the Medal of Honor. We look forward to showcasing our Daybreak analytic database – built specifically to bring data-driven, AI-powered answers to community banks’ most important business questions.
For more information on the event, or to register, please click here.
Credit Union Uses Daybreak to Deliver Insights Specific to Its Business
Case Study:Credit Union Uses Daybreak to Deliver Insights
The President of a Michigan credit union wanted to incorporate data analytics for better executive decision-making. As new community banks and credit unions kept moving to his region, he was concerned about the credit union’s ability to compete and distinguish themselves from other local, white glove financial services options. To meet this goal, the president wanted a dashboard to view all member data in one place, but he did not know where to begin.
This case study summarizes how the credit union was able to laser in on what it needed based upon their failed attempts. It needed a solution with a focus on reporting to the end user to deliver insights that would give business outcomes. It needed Daybreak™.
Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
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Provident Bank Case Study
Bank Jumpstarts Journey to Predictive Analytics & AI
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.
Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
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Insurance Company Lacks Customer-Centric View of Data
Insurance Company Lacks Customer-Centric View of Data
Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
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Aunalytics Introduces Next-Generation Daybreak for Financial Services
Empowering Users with Advanced Analytics and Valuable Business Insights to Accelerate Competitive Advantage
South Bend, IN (March 23, 2021) – Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, today introduced its next generation of DaybreakTM for Financial Services designed for mid-sized banks and credit unions. The enhanced solution empowers community financial institutions with advanced analytics and valuable business insights to improve customer relationships, strategically deliver new products and services through data-driven campaigns and drive competitive advantage with Aunalytics’ side-by-side digital transformation model.
As with many businesses, financial institutions have a plethora of data that is typically siloed across many systems throughout the organization. Aggregating and integrating this data is a major challenge that can be difficult and time-consuming, if not nearly impossible, such as with transactional data. According to leading analysts, 70 percent of big data and analytics deployments will fail to meet cost savings and revenue generation objectives due to skill and integration challenges.
“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,” said John Kamin executive vice president and chief information officer, Provident Bank. “We embarked on a journey that would not only allow us to turn data into information but enable us to look forward with predictive analytics and AI capabilities. Aunalytics helped us jumpstart that vision.”
Built from the ground up for mid-sized banks and credit unions, Daybreak for Financial Services is a cloud-native data platform with advanced analytics that empowers users to focus on critical business outcomes. The solution cleanses data for accuracy, ensures data governance across the organization, and employs artificial intelligence (AI) and machine learning (ML) driven analytics to glean customer intelligence and insights in focus from relevant business information. With daily insights powered by the Aunalytics® cloud-native data platform, industry intelligence, and smart features that enable a variety of analytics solutions for fast, easy access to credible data, users can find the answers to such questions as:
- Who are my current customers that have a loan and not a deposit account?
- Who are my most profitable members?
- Who are my customers at risk for churn?
- Which loans were modified from the previous day?
- Who are my current members with a HELOC that are utilizing less than 25% of their line of credit?
“As customer interactions become increasingly digital, community banks and credit unions are losing the competitive advantage that local, personalized, white-glove service has traditionally afforded them and, at the same time, they lack valuable business insights that untapped data could provide to improve their operations,” said Katie Horvath, VP of Marketing and Communications, Aunalytics. “Daybreak for Financial Services offers an opportunity to turn that around and regain advantage with the ability to target, discover and offer the right services to the right people, at the right time.”
New features in Daybreak for Financial Services include:
- Golden Record Assurance:
- Daybreak cleanses data for accuracy and governance and transforms disparate data forms and formats into a common language for building data models. Data fields and records are matched and merged into a golden record for a single source of truth, ready for analytics.
- The industry-intelligent data mart is designed specifically for banks and credit unions, allowing them to automatically find customer data across the organization such as lending, mobile banking, ATM, CRM, wealth and trust. Extracting company data from all business units that is accurate and streamed in real-time, enables better decision making. Aggregated data reveals a 360-degree view of customer behaviors and insights for data-driven campaigns and greater customer and product targeting capabilities.
- Smart Features™ :
- Aunalytics data scientists create high value data fields derived from a company’s internal data and added to data models capable of answering industry and functional questions. Business users have access to actionable data, enriched with Smart Features, to answer impactful questions for the first time. For example, if a banking customer has improved a credit score and is now in the “excellent” range, the bank can take action and let the customer know that if interested in a home equity loan, s/he qualifies for low interest rates.
- In addition, Daybreak offers a significant advantage with automated data enrichment and pre-built connectors to most major core systems such as CRMs, loan and mortgage systems, and other heavily utilized financial industry applications. Mid-sized banks and credit unions now have access to external data, allowing them to understand more about their customers’ relationships with other companies and identify products and services that customers might be interested in. This presents opportunities that may have otherwise been missed – learning that a customer has outside investment and mortgage accounts might prompt outreach to the customer to make a switch.
- Natural Language Answers™ and Insights:
- Daybreak is built for the non-technical business user to query data using NLP searching, and visually display golden records of data, analytics results, and insights. Users do not need to know SQL, computer coding, database technical knowledge or IT expertise to find answers to their most important business and IT questions.
- Insights allows users to better understand the information in their data by creating visualizations of their query results. Visualizations can be easily configured and viewed as intuitive graphics, not through complex database filtered lists of endless fields, so users can answer important business questions about customers.
Tweet this: .@Aunalytics Introduces Next-Generation Daybreak for Financial Services, Empowering Users with Advanced Analytics and Valuable Business Insights to Accelerate Competitive Advantage
#Dataplatform #Dataanalytics #Dataintegration #Dataaccuracy #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML
About Aunalytics
Aunalytics is a data platform company delivering answers for your business. Aunalytics provides Insights-as-a-Service to answer enterprise and midsized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Sabrina Sanchez
The Ventana Group for Aunalytics
(925) 785-3014
sabrina@theventanagroup.com
