There isn’t a domain or discipline where Analytics has not made a significant impact. One of the biggest beneficiaries of the Analytics boom is the BFSI sector. What IT did to BFSI in the 80s and 90s, analytics has shown promising potential to do now by revolutionizing processes and transforming the way the financial sector works and operates. While Analytics is all pervasive in various streams of BFSI, there is still a lot that needs to be covered in the BFSI gamut. This presents an enormous opportunity for professionals in the domain to learn and apply advanced analytics to translate business challenges into business successes. Here the 5 cherry-picked examples of how analytics resolved some of the biggest BFSI problems:
- Improved the alert mechanism to flag off fraud transactions by building a surveillance workbench – Mu Sigma regularized the analyst investigation process as well as optimized the alert generating engine. The alert mechanism and report generation module together formed the AML surveillance workbench which was then used as the major single-screen review framework for the entire transaction monitoring process. Read more…
- Improve customer claims experiences using advanced analytics – A leading P&C insurer wanted to build a market-leading analytical foundation. This would help it rapidly and profitably capture whitespace growth opportunity and identify ‘micro-drivers’ of customer satisfaction, profitability, cost, and ROI. The foundation was also needed to enable enhanced ongoing prediction, monitoring, and improvement in performance of claims settlement and the customer experience. Read more to see their transformative solution.
- Improved collections process for a leading retail bank – During the economic downturn, Mu-Sigma’s client needed to improve their collections and recovery process as more of their customers experienced economic hardships. The solution framework enabled the client to reduce the cost of early-stage collections by more than 35% while maintaining their current collection rate. Read more to know the details.
- Gain early alerts and insights if metrics deviate from business goals – A major P&C insurer wanted to develop an early alert system for tracking deviations from its goals and benchmarks in its business portfolio. The client had many challenges with its existing process. Multiple and isolated reporting was being performed, and disparate data sources were resulting in a delayed agreement on direction. The solution offered centralized reporting with a highly-performant web-based interactive solution to slice and dice data for decisions. Read the transformative solution and change brought about by Fractal Analytics in solving this particular problem.
- Financial Services firm saves $25 million – A global financial services firm reduces costs through IT transformation initiatives that introduce innovation and benchmarking. Read more to know the challenges, approach, and results.