BDB Platform: A Real-time Solution to Prominent Banking Problems

by Sakshi Chhabra


Powerful data exploration and analytics techniques like Machine Learning, Data Science and Artificial Intelligence have directed contemporary users to process their data in faster, cheaper, and a better form. Banks as essential finance institution work in a challenging environment where the most substantial competition is to unleash the potential with a growing amount of data.

BDB Platform identifies the primary cause of the problem in real-time, understands the customer investment pattern, and estimates customer lifetime value using a wide range of data connectors, extracting data anomalies and identifying relevant trends and patterns into the data to project it with accurate predictions. Adoption of the BDB platform will help the banks control the costs, increase the profits, and compete even at the global level resolving their business challenges. Advanced technology and communication led to growth in data and information which ushered banks to shift from being “Customer focused” to “Customer Centric.” The Variety of data banks own in huge Volume which needs to be treated with Velocity to generate relevant insights to take quick and well-informed decisions. Banks that apply analytics on customer data tend to have an increased market share, enabling conversion of potential to customers.

CHALLENGES AND SOLUTIONS


Increased Revenue and Decreased Customer Attrition

Here at BDB predicting the services that customer wants, identifying the suitable price, customization of the services according to the personal needs is done to derive new customer demand. Onboarding of the platform will follow with precise cross-selling, upselling, product bundling, and next best offers. Experience; an increase in customer acquisition, a decrease in the cost to acquire and retain them, increase in revenue per customer, reduced customer attrition. The platform can analyze the reasons for attrition, E.g., cancellation of preauthorized payments, social media sentiment, major withdrawals, and customer complaints.

Ability to Deliver Rich Insights

BDB has the power to extract not only the structured information but also can do the analysis based on information in emails, phone calls, text, images, video, computer logs, internet searches, GPS locations, social media. It helps to get better insights into the data, also gives the opportunity to the banks to respond to the changing customer needs.

Exposure to Real-time Analytics

BDB connects the organization’s silos and provides advanced analytics over the large volume of data. Banks are held back due to their legacy infrastructure they are unable to streamline their real-time data and by connecting it with the historical data. Statistics state that only 37% of the banks are exposed to real-time analytics. BDB platform creates Data Lake to store past data and sends the real-time data using its advanced pipeline structure in the same to analyze it together as and when it occurs.

Enhancement of Analytical Skills

No peculiar IT skill is required to use the BDB Platform, as we provide end to end analytics ranging from data ingestion, data preparation, predictive, diagnostic, prescriptive analytics, integrated with the excellent visualization to make data interpretation easy and flawless for end users in any organization.

High Standards of Data Privacy & Security

BDB ensures data privacy, compliance, and governance. BDB provides with encryption to encode data in such a way that only authorized user can access it.

Fraud Detection

BDB Platform helps in fraud detection by identifying strange spending habits of the customer and finding anomalies. BDB helps the banks prevent cyber-attacks, detect criminal behavior, improve regulatory compliance, and detect credit card fraud.

BDB offers the most powerful and competitive end to end BI Platform to resolve the current data related critical issues of the Banking sector which can be customized as per the requirement and accessed through mobile devices from anywhere anytime.