Fiserv taps big data for predictive modelling tech
05 September 2013 | 5465 views | 0
Fiserv has unveiled a customer behaviour predictive modelling system designed to help banks tap into big data and boost their marketing efforts.
Using patented and patent-pending models, Predictive Scores promises to provide insights from multiple, complex data sets to give banks timely, actionable information that can be used for marketing and performance management.
The vendor says that its technology harnesses multi-channel transaction data - from account processing, debit and credit cards, online and mobile banking, and electronic bill pay systems - to "reveal crucial propensities or probabilities" that affect business growth.
The data can then boost response rates and returns on investments for marketing campaigns; improve mobile banking take up; and help identify the highest-value prospective customers.
Danny Baker, VP, financial and risk management solutions, Fiserv, says: "The unique combination of data science and big data is what sets our solution apart. It provides financial institutions with extremely valuable insights that can lower their direct marketing production costs - by almost 50 percent for some clients."