Digital Transformation constitutes a new, challenging reality in every aspect of the Banking Industry.
Banks need to invest in Big Data technologies but also, reconsider their traditional business model in the context of the new digital era. Some of the key drivers for this change include: strict regulatory & compliance frameworks (i.e. GDPR), dynamically changing payment directives (i.e. PSD2), ever-increasing fraudulent incidents and cyber-attacks, fintech companies bloom, significant mobile banking penetration, as well as, sophisticated customer needs (i.e. Open Banking) & multiple interaction channels.
As traditional Data Warehouse infrastructures offer important, yet limited, data integration/manipulation options (e.g. batch data streams, storage issues along with relevant high costs, structured-only data format, etc.), Intracom Telecom has introduced its BigStreamer platform for Banking, aiming at:
BigStreamer for Banking is a powerful, fully customizable big data suite, addressing the latest challenges of the banking field, via:
BigStreamer™ is a powerful analytics suite built on the latest Big Data technologies. It can process and aggregate huge amounts of raw data in real-time, identify apparent or latent correlations, calculate real-time KPIs and compare them against thresholds representing business objectives, send alerts, trigger actions, generate forecasts and provide the User Interfaces to access raw or processed data. BigStreamer™ leverages data retrieved from a variety of sources such as core banking systems (i.e. Loans or Payments System, etc.), CRM, Enterprise Data Warehouses, internal Bankís middleware, social media and any other structured or unstructured data source available in an enterprise's ecosystem.
BigStreamer™ employs an extensive set of data mining and machine learning libraries, enabling knowledge extraction from the accumulated data collections. Supported analytics range from simple metrics' calculation and KPI quantification to descriptive/predictive modeling, optimization modeling, real-time analysis, sentiment analysis etc. Additionally, it facilitates the tuning of any algorithm or procedure by means of a semi-supervised closed feedback loop mechanism.
All information is available via APIs to third party applications for further processing or visualization. Finally, Big Streamer's visualization provides advanced visualization and reporting capabilities. The component architecture supporting the above functionality is depicted in the figure.
Customer Intelligence Incubator: By integrating real-time customer interaction data Ėoriginating from any possible data source (i.e. branch visit, call center, e-mail, social media, etc.) and leveraging advanced AI & ML Algorithms, Customer Intelligence Incubator provides the infrastructure for:
Added-Value: Real-Time, Personalized, 360 Degrees Customer Service, Customer Experience Amelioration.
Portfolio Allocation Assistant: By combining consolidated customer data (i.e. both retail & investment profile information), customerís cluster trends & characteristics, along with real-time investment news, indices & regulations, Portfolio Allocation Assistant simulation engine, enables the investor to come across different investment scenario outcomes, by adjusting a number of variables. At the same time, it makes it significantly easier for the investment portfolio consultant to obtain and visualize all necessary, real-time information on a single screen.
Added-Value: Asset Allocation Optimization, with 360 degrees customer view & real-time investment analytics.
Financial Crime Prevention & Fraud Detection: Based on advanced AI Algorithms (Social Network Analysis, etc.) and a dynamic, business rules and regulatory principles engine, financial fraud detection mechanism is able to early unveil fraudulent network rings, produce real-time alerts along with detailed, transactional analysis reports, create customer risk profiles and provide instant warnings on 'high' (fraud prevention) and 'low' (false positives elimination) risk ones.
Added-Value: Fraud Prevention & Detection (AML & more), Dynamic Regulatory Compliance, False Positives Minimization.
Real-Time Transactions Calendar: This module provides added-value digital banking functionalities & services, such as alerts on upcoming/belated payments, real-time transaction pipeline monitoring, personal saving goal achievement, real-time recommendations/offers based on the customerís transactional profile, etc. On the other hand, through an interactive dashboard, a business user can monitor all live transactions, detect failure rates and drill down to root causes, perform multidimensional transaction & profit analysis, etc.