The Banking industry is most prone to the uncertainties owing to its dependence on global trends, changing regulations and varying demographics of consumers. To thrive in changing times, banks need to streamline their internal operations by efficiently managing and identifying patterns from the growing amounts of data. Data is considered as the currency of banking institutions as they record millions of business transactions daily in real-time. Banks and financial institutions are processing this unstructured customer-related data through analytical tools to break down silos and improve security. The resulting analytical report provides insights for fraud detection, risk management, customer spending & investment pattern, compliance, financial reporting, market segmentation, product customization and many more.
Incorporating analytics solutions into the cybersecurity strategy of banks is the key to address security challenges. While using techniques such as association rules, clustering, and peer group analysis can spot abnormal behaviours, predictive analytics using historical data can uncover fraud in real-time. A few of these prominent solutions providers are featured in this edition, namely Altair Management Consultants, a consulting boutique that masters in assembling strategic vision, analytical skills and business transformation experience to deliver Banking Analytical Management (BAM) and UBQuant, a provider of cloud-based bank performance-analytics platform that provides a comprehensive analytics solution for the UBPR and Call Report analysis.
Alongside these players in the market we have selected top vendors from the sector that have the capability to develop innovative technologies and methodologies along the banking value chain, while providing incomparable customer service. These may also be the recommended firms by your peers.
We present to you Banking CIO Outlook’s Top 10 Banking Analytics Solution Providers – 2019.