Finastra Digital Banking Insights to provide visibility into account holder behaviors and preferences

Finastra have announced the availability of Finastra Digital Banking Insights, an app 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 app 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, Head of Data & Analytics, Finastra. “Understanding how account holders behave and perform in aggregate over time allows financial institutions to make strategic decisions that will improve business results and optimize the customer experience.”

Pete Longo, Senior Director, Product Management, Digital at Finastra said, “Using advanced analytics, Finastra Digital Banking Insights empowers financial institutions with visibility into account holders, the types of accounts they have, as well as their activity and level of engagement across different digital channels. In turn, the bank or credit union can offer personalized products and execute tailored marketing campaigns designed to drive account holder satisfaction and maximize bank efficiencies and revenues.”

The app provides an intuitive user experience with easily digestible information about consumer habits and preferences through six distinct dashboards:

• Accounts dashboard: reveals accounts, important metrics and trends associated with balances and transactions, and credit vs. debit account usage.
• Transfers dashboard: provides insight into account-to-account transfer patterns, method of transfer, frequency and performance.
• Digital users dashboard: shows behavior by digital users, trends, and remote deposit usage over time.
• Logins dashboard: gives an understanding of login behavior, including time of day, and day of week login trends.
• Products dashboard: shows product adoption over time, popular product combinations, and enrollment growth to determine cross-sell and upsell opportunities.
• Digital activity dashboard: leverages account holder digital activity scores, developed by data scientists who have analyzed data across our digital banking ecosystem, to increase engagement while optimizing costs. For example, the user can identify digitally active customers or members who are likely to adopt eStatements to assist with targeted marketing campaigns and reduce costs.

Early users of Finastra Digital Banking Insights include United Bank. Nick Saucier, eBanking Supervisor at United Bank said, “The ability to view and specify data to facilitate greater decision-making, priority-based plans based on customer statistics, and ease the difficulty of consolidating information for periodic reporting is where this product shines. The current tools available within 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 as much as five times more than the costs associated with retaining an existing one,” said David Albertazzi, Aite-Novarica Group. “It is critical that banks arm themselves with the tools necessary to improve customer experience and deliver more value-added services. Competitive differentiation can be created through solutions designed to better leverage data and insights to more effectively engage with customers, deliver an improved UX that better aligns with digital experiences in their personal lives, and offer opportunities for differentiation in a competitive market.”