Misys, the leading financial software company, has launched an in-memory analytics engine, FusionBanking Insight, integrated with its next-generation core banking solution, FusionBanking Essence.
The solution enables banks to gain insight into the profitability of customers, branches and products to deliver services that their customers will value most.
According to PwC, a staggering 56 per cent of bank executives based their last big decision on intuition, experience and the relevant experience of others[1]. Why? They do not have easily accessible data. Either it is too time consuming to pull together - by the time they have the data it is out-of-date - or bank executives simply do not know what data they could access.
The in-memory analytics engine, FusionBanking Insight, provides super-fast query response times, by residing data in computers’ RAM, not on physical disks or in OLAP cubes. It allows banks to analyse vast amounts of data in real time, in the blink of an eye. FusionBanking Insight comprises a set of out-of-the-box dashboards, bringing the most commonly needed data points to bank executives. This is enhanced with user-definable dashboards, where users can create bespoke analysis.
“Banks have a vast amount of data locked away unused in their core banking systems”, states Cormac Flanagan, Product Director, Misys FusionBanking Essence. “By implementing FusionBanking Insight banks can understand customers better and identify where they can increase profitability for each of their products. It also provides valuable insight into the financial aspirations and behaviours of their customers.”
Banks need to re-engineer their banking systems using an ‘outside-in banking’ approach to modernisation. This puts customers and their needs at the heart of banks’ processes and enables banks to serve clients more effectively to grow the relationship at the same time as their business. Misys FusionBanking Insight is the latest innovation in the FusionBanking Essence portfolio of solutions that provides banks with the ability to get closer to their customers and their needs.
Traditional and start-up banks need to put their customers first, to understand their needs better, to communicate with them how they want and to ‘advise’ them rather than sell to them. Misys FusionBanking Essence is recognised as being ‘best in class’ for customer-centricity, so when modernising core platforms, banks need to think outside-in banking.
Innovation is key to the success of Yoma Bank in Myanmar, one of the many Misys clients who are seeing benefits to the outside-in banking approach. “We’re transforming the bank to introduce new channels, new products and a new dimension to customer service which will cement our position as an innovative leader in Myanmar,” states Hal Bosher, CEO of Yoma Bank. “We’re excited to be collaborating with Misys - the company is certainly leading the field with core banking innovation.”