SwiftKnowledge unveils SaaS banking analytics offering

Source: SwiftKnowledge

SwiftKnowledge, a global provider of web-based business intelligence (BI) software, announced today SwiftKnowledge for Banking On Demand, the first and only cloud computing-based suite designed to help banks quickly, easily identify and manage risk; enhance customer insight; and improve product, pricing and channel efforts.

Key BI functionalities - including reporting/analytics, predictive modeling and proactive notification - and bank-specific applications are featured in SwiftKnowledge's new SaaS offering, with more than 100 pre-built bank reports ready to use upon deployment. Banks benefit from SwiftKnowledge for Banking On Demand's pay-as-you-go pricing option, fast deployment, support of industry standards, reduced in-house IT support requirements, and out-of-the-box integrations with major banking core processors.

"Our bank customers have demonstrated that, with the right BI solution, they can quickly, easily save millions of dollars per year across all departments and functions," said David Macey, chief executive officer for SwiftKnowledge. "While bank investments in analytic systems are increasingly initiated by line-of-business executives who understand the power such technology can bring to them and their decisions, few have the budget, expertise or manpower needed to build a bank-specific solution when using the cumbersome BI technology offered by legacy vendors. The release of SwiftKnowledge for Banking On Demand brings critical BI capabilities to banks and bankers who otherwise might be unable to afford them. Even inexperienced users can easily search and analyze business data from a variety of core and ancillary banking systems, and securely create and share reports. Each job role sees a single, unified, dashboard view of integrated data, in a presentation meaningful and useful to them - all for a low monthly fee."

SwiftKnowledge's new SaaS offering is based upon its on-premise SwiftKnowledge for Banking solution, launched in July 2009 and in use by banks across North America - including Anchor Bank, Superior Bank, Lone Star National Bank and Kleberg First National Bank - for a variety of BI-powered activities, such as managing and optimizing cash reserves and teller efficiencies; understanding Regulation E (Reg E)'s impact on overdraft protection income; and analyzing customer behavior, such as opened/closed account trends.

"As a locally owned and operated bank founded in 1905, we believe investing in the best technology and the best talent is our top strategy for delivering superior, consistent service to our customers," said Brad Womack, vice president and controller for Kleberg First National Bank. "We selected SwiftKnowledge for Banking because of its ease-of-use and the fast rollout enabled by its out-of-the-box Jack Henry Banking integration, pre-built banking reports and pre-built dashboards. We believed - and rightly so - that these pre-built templates would enable us to rapidly create the accurate reports needed to efficiently run our bank and be useful starting points for creating our own custom reports. With SwiftKnowledge, all of our banking data is seamlessly combined and available for analysis, without sacrificing data integrity or network performance."

Powerful, Pre-Built Banking Analytics Speed Deployment, Ease Analysis and Encourage User Adoption

SwiftKnowledge for Banking On Demand provides greater visibility into all banking information, so bankers can better predict, prevent and respond to critical opportunities or challenges. It integrates with any core or ancillary banking system, and provides the key BI applications needed to run today's finely tuned bank.

* Deposit Management - Ideal for bank presidents, chief financial officers, chief marketing officers, marketing managers, branch managers and personal bankers.

* 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.
* Customer Product Retention - Analyze customer acquisition and retention data over time to identify trends related to specific campaigns, demographics or geographies in order to more easily retain existing customers and increase current account balances.
* Prospect Marketing - Identify best prospects and appropriate messaging while maximizing marketing resources.

* Financial Management - Ideal for bank presidents, chief financial officers and branch managers.

* 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.
* Fiscal Management - Identify out-of-budget items earlier, and analyze balance sheet and income statement budget versus actuals - as well as variances over time - in order to become more financially efficient and cost-effective.
* 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 across products, branches and officers based on daily or aggregate trends.
* Teller Management - Understand the volume and cost of teller transactions in order to develop more efficient staffing models and optimize the customer experience.

* Loan Management - Ideal for bank presidents, chief financial officers, chief credit officers, branch managers and business bankers.

* 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/mediation strategies.
* Customer Management - Maintain global customer view across all products and services in order to strengthen the customer relationship.
* Portfolio Management - Quickly, 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.

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