Analytics has been a boon to the Banking and Financial Services Industry. But every banker knows that to take full advantage of analytics tools, the data has to be picked up from various sources — Web, email, SMS, telephony, social, support, CRM, Point-of-sale — and consolidated in one place. Unless one has a single view of all customer data it is a challenge to see customer trends. The other challenge is the interface – not everyone in the bank understands query languages such as SQL. But what if one could ask a simple query in plain English like: “How many customers took a car loan in the last quarter?” Responding to the result, the bank could then try to cross-sell those customers its auto insurance product.
Well, a new generation of tools and platforms are emerging that will allow banks to do just that. These big data analytics tools are powered by artificial intelligence and have NLP (Natural Language Processing) capabilities.
ROBOT DIGITAL ANALYST
Take Rockmetric for instance, which was selected at the HDFC Fin-tech Digital Innovation Summit. Entries were invited from FinTech startups under six categories namely Payments, Mobile Innovation, Analytics, Social, Cloud and Operational Efficiency.
Rockmetric is working with some of biggest financial services companies like HDFC Bank, Angel Broking, Aditya Birla Health Insurance, Dun and Bradstreet, Kaya Skin Clinic among others.
Rockmetric is an artificial intelligence powered, big data analysis and analytics platform. It was selected at the HDFC Fin-tech Digital Innovation Summit. Entries were invited from FinTech startups under six categories namely Payments, Mobile Innovation, Analytics, Social, Cloud and Operational Efficiency.
The company has a revolutionary patent-pending robot digital analyst named ‘Alfred’. Alfred is powered by Natural Language Processing (NLP) and Machine Learning (ML). It creates an intelligence layer for each of your applications to deliver data, insights and product recommendations through a natural Q&A conversational format. It forms a unified view of customers across all your disparate tools like web, email, SMS, telephony, social, support, CRM, Point-of-sale, etc. Teams can create behavioural segments to increase conversions, cross-sell products and personalise support.
A NEW DISRUPTOR
Nimesh Mehta, Founder of Rockmetric
Nimesh Mehta, Founder of Rockmetric said: “In our research we saw that for every tech innovation you had to show ROI (return on investment). So we realised that the BFSI sector will benefit immensely from this platform.
To date Rockmetric has successfully processed more than 1 billion events data, 500 million messages and 20 million monthly visits for its clients.
It will disrupt many offerings from competing services firms like MuSigma, Fractal analytics among others.
Rockmetric is working with some of biggest financial services companies like HDFC Bank, Angel Broking, Aditya Birla Health Insurance, Dun and Bradstreet, Kaya Skin Clinic among others.
The firm is poised to grow 10 times in terms of the data volume managed in the next 6 months. They have a good pipeline and plans to sign up 20 large enterprises by March.
There will be a soft launch for ‘Alfred’ in October 2016. Thereafter, it will be made available to about 100 medium sized enterprises and high growth start-ups.
COMPETITION
Rockmetric has a focus on working with mid-large companies with large volume of data. The firm competes with large enterprise vendors like Adobe, Omniture, etc., with internal teams and with services firms like Informatica among others.
“IBM’s Watson has a product that does this but it is beyond reach of many organisations. Salesforce has just started work on a similar product called ‘Einstien’. Google announced a similar feature for Google Analytics to be launched next year,” said Nimesh.
Rockmetric’s ‘Alfred’ will be at the cutting edge and will ensure such intelligence is made available to all the tools used by mid-large enterprises.