The app leverages advanced data and analytics to deliver greater benefits from the Fusion Digital Banking Platform
LAKE MARY, Florida., November 3, 2022 /PRNewswire/ — Finastra today announced the availability of Finastra Digital Banking Insights, an application for Fusion Digital Banking that harnesses the power of data and advanced analytics to provide financial institutions with actionable insights into account holder behavior . The application was built on Azure technology using Microsoft’s Power BI data visualization software developed for business intelligence. Available through Finastra’s FusionStore, it enables banks and credit unions that use Fusion Digital Banking to increase revenue, reduce costs and improve customer satisfaction.
“Finastra Digital Banking Insights leverages the wealth of data available through the Fusion Digital Banking ecosystem to provide financial institutions with valuable insights,” said Amber Sappington, Data & Analytics Manager, Finastra. “Understanding how account holders behave and perform overall over time enables financial institutions to make strategic decisions that will improve business results and optimize the customer experience.”
Pete LongoSenior Director, Product Management, Digital at Finastra said, “Through advanced analytics, Finastra Digital Banking Insights gives financial institutions visibility into account holders, the types of accounts they have, and their activity and level of engagement on different digital channels. . In turn, the bank or credit union can offer customized products and execute tailored marketing campaigns designed to increase account holder satisfaction and maximize bank efficiency and revenue. »
The app provides an intuitive user experience with easily digestible insights into consumer habits and preferences through six distinct dashboards:
- Accounts Dashboard: reveals accounts, important metrics and trends associated with balances and transactions, as well as credit and debit account usage.
- Transfer dashboard: provides an overview of account-to-account transfer patterns, transfer method, frequency, and performance.
- Digital User Dashboard: shows digital user behavior, trends, and remote filing usage over time.
- Connections Dashboard: gives an understanding of login behavior, including time of day and day of week login trends.
- Product Dashboard: shows product adoption over time, popular product combinations, and enrollment growth to determine cross-sell and up-sell opportunities.
- Digital Activity Dashboard: leverages account holders’ digital activity scores, developed by data scientists who analyzed data across our digital banking ecosystem, to increase engagement while optimizing costs. For example, the user can identify customers or digitally active members who are likely to adopt eStatements to participate in targeted marketing campaigns and reduce costs.
Early adopters of Finastra Digital Banking Insights include United Bank. Nick SauciereBanking Supervisor at United Bank said, “The ability to visualize and specify data to facilitate greater decision-making, priority-based plans based on customer statistics, and to alleviate the difficulty of consolidating information for periodic reports is where this product shines. The tools available in Finastra Digital Banking Insights could potentially be leveraged for other very useful purposes for financial institutions. This product will only shine brighter in the future.
“Banks have shared with Aite-Novarica Group that acquiring a new customer could cost up to five times more than the costs associated with retaining an existing customer,” said David Albertazzi, Aite-Novarica Group. “It is essential that banks equip themselves with the tools necessary to improve the customer experience and provide services with greater added value. Competitive differentiation can be created through solutions designed to better exploit data and information in order to s ‘engage more effectively with customers, provide an improved UX that better aligns with digital experiences in their personal lives, and provides opportunities for differentiation in a competitive marketplace.”
For more information on Finastra Digital Banking Insights: https://www.finastra.com/viewpoints/videos/demo/fusion-digital-banking-insights
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open innovation platform, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing software solutions and award-winning services in Lending, Payments, Treasury and Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels , such as integrated finance and banking as a service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by around 8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com