SwiftKnowledge, a global provider of web-based business intelligence (BI) software, announced today pre-configured BI solutions for the banking industry.
The SwiftKnowledge for Banking solutions are designed to provide greater visibility into all banking information, so bankers can better predict, prevent and respond to critical opportunities and challenges. Additionally, via its service-based pricing option, SwiftKnowledge is extending enterprise-strength BI functionality to banks that otherwise might be unable to afford it.
"Easy-to-use, intuitive business intelligence technology such as that offered by SwiftKnowledge satisfies a critical need in the banking industry right now," said Robert Olson, chief executive officer for SwiftKnowledge. "For example, according to Boston Consulting Group, customer retention and management continues to be a top priority for bank executives, yet only 30 percent of consumers say they had been contacted by their financial institution during the recession. This disconnect is due largely to the lack of a global view of customer information spread across multiple data systems. Without this comprehensive understanding of customer profiles and accounts, bankers are hard-pressed to design and manage successful, strategic marketing campaigns that maximize the impact of limited marketing dollars while maximizing the potential profitable return."
With SwiftKnowledge for Banking, banks gain secure, unified access to up-to-date information for proactive, effective management. The 100 percent web-based technology deploys quickly - integrating with all content repositories to give banks a complete, intuitive view of critical business information - and is specifically designed for high-volume use by non-technical business users, as determined by the bank's information access policies.
"SwiftKnowledge helps banks manage, track and report on profitability, risk, customer and prospect metrics, and other key performance indicators in real-time, so they may grow more profitably," Olson said. "In addition, banks can further decrease expenses by utilizing the service-based pricing available through SwiftKnowledge's cloud computing environment."
Pre-Configured Banking Applications Speed Deployment, Ease Analysis and Encourage User Adoption
SwiftKnowledge for Banking offers a full array of reporting/analytics, proactive notification, and predictive modeling functionality for deposit management, financial management and loan management solutions. The technology can be deployed within hours, not weeks or months; provides patented security and scalability functionalities; and empowers non-technical business users to easily create and configure their own views of key performance metrics. Additionally, since SwiftKnowledge is 100 percent browser-based, banks only need an Internet Explorer or Firefox browser for access to the system; desktop component installations, downloads, and ActiveX or Java applets are not required.
"SwiftKnowledge for Banking dramatically reduces the time spent preparing and reviewing reports, and instantly focuses our attention on what's important," said Scott Weaver, president and chief operating officer for Voyager Bank. "We now can systematically provide the guidance, supported by relevant and timely data, to drive day-to-day decision making at every level of the organization."
"By securing and decentralizing strategic BI functionality, more bank employees are empowered to access and analyze up-to-date data coming from the bank's core system and other ancillary vendor databases," said Daniel Moloney, Ph.D., president for SwiftKnowledge. "Each job role sees a single, unified dashboard view of integrated data, in a presentation that's meaningful and useful to them. As a result, better information is at hand, and more confident decisions can be made."
The SwiftKnowledge for Banking solutions include:
* Deposit Management
Ideal for bank presidents, chief financial officers, chief marketing officers, marketing managers, branch managers and personal bankers, SwiftKnowledge's deposit management solution offers pre-configured applications for customer management, customer marketing and prospect marketing.
- Customer Management - Maintain global customer view across all products, services, etc. in order to strengthen the customer relationship.
- Customer Marketing - Increase customer account penetration via targeted, segmented marketing that addresses customer needs.
- Prospect Marketing - Identify best prospects and appropriate messaging while maximizing marketing resources.
* Financial Management
Ideal for bank presidents, chief financial officers and branch managers, SwiftKnowledge's financial management solution offers pre-configured applications for cash management, peer comparisons, profitability management, teller management and vendor management.
- Cash Management - Based on trends or a specific point in time, gain greater visibility into cash utilization in order to better set reserves, optimize required balances and maximize utilization of bank assets.
- Peer Comparisons - Analyze bank presence and performance in a targeted geographic area or compared to specific peers, with automatic updates of FDIC data provided throughout the year.
- Profitability Management - Gain immediate understanding of drivers of bank profitability key metrics (such as return-on-asset, return-on-equity, gross profit, waived fees) across products, branches and officers based on daily or aggregate trends, by integrating core data with a profitability system.
- Teller Management - Understand the volume and cost of teller transactions in order to develop more efficient staffing models and optimize the customer experience.
- Vendor Management - Negotiate more effectively and decrease costs by efficiently monitoring vendors and all related documentation, including contracts and deadlines.
* Loan Management
Ideal for bank presidents, chief financial officers, chief credit officers, branch managers and business bankers, SwiftKnowledge's loan management solution offers pre-configured applications for credit quality management/stress testing, customer management and portfolio management.
- Credit Quality Management and Stress Tests - Provide immediate visibility into, and assessment of, loan portfolio health; run multiple "what-if" scenarios for a single loan or block of loans in order to better assess risk, and determine earlier intervention and mediation strategies.
- Customer Management - Maintain global customer view across all products and services in order to strengthen the customer relationship.
- Portfolio Management - Quickly and visually monitor loan portfolio balance at a daily or market trend level in order to identify areas of strength and growth, and proactively detect future areas of concern.
The SwiftKnowledge technology integrates with any banking core or ancillary system. Currently, SwiftKnowledge for Banking offers out-of-the-box integrations with popular banking core systems including Jack Henry and Fiserv, with additional integrations under development.
"We use Jack Henry as our core banking system, so we initially installed SwiftKnowledge for Banking to run reporting and analytics for our loan, checking and savings, and CD products, as well as for some customer-level key performance indicators. We were so impressed with it that we quickly expanded it to provide insight into our waived fee tracking and performance management," said Dennis Nisler, chief financial officer for Anchor Bank. "In addition, we replaced an existing teller cash inventory management system with SwiftKnowledge, and we're also using the technology to monitor our general ledger chart of accounts across various branches and banks. Since SwiftKnowledge is so flexible and easy to use, we now implement most of the customizations ourselves, including a new integration with our existing customer relationship management system to help us better manage loan officer productivity."
Robust BI Technology Foundation Provides Enterprise-Strength Capabilities
The 100 percent web-based SwiftKnowledge technology deploys quickly - integrating with all content repositories to give companies a complete, intuitive view of critical business information - and is specifically designed for interactive, high-volume use by non-technical business users. With SwiftKnowledge, these business users are empowered to configure custom analytical views, threshold-driven alerts, and visually appealing dashboards that simplify their unique reporting and analysis needs - all without requiring IT or developer assistance. Additionally, SwiftKnowledge's advanced predictive modeling and data mining capabilities allow for delivery of higher-value applications to a broader user base.