bankingciooutlook

Introducing Top 3 Startups Ready to Take on Banking Analytics

By Banking CIO Outlook | Monday, September 23, 2019

Banks, harnessing the power of data, look towards gleaning meaningful insights from it. To make this a reality, several startups are emerging with several advanced data solutions.   

FREMONT, CA: Success of any business decision depends on the quality and quantity of information. Some firms have access to more information than others; particularly good examples could be banks. The banking industry is subject to a wide array of stringent regulations that govern their daily operations. Remaining compliant with this environment requires banking institutions to memorize nearly all aspects of their actions, including conversations, transactions, and customer transcripts. In short, banks produce reams of raw data daily, most of which are to be scarcely analyzed or reviewed. Data analytics is a powerful solution that enables banks to take advantage of the raw data by transforming it into highly useful analytical forecasts.

Like diamond amidst coal, raw data includes valuable information that is left undiscovered as its extraction is often burdensome and expensive. This has created an opportunity for entrants to help banks make complete sense of data and comply with the increasing regulations in a cost-efficient manner. Here is a glance on the three of the hottest banking analytics solution startups catching the attention of leading players in the industry.   

• Hexanika

Hexanika is a forerunning data management and reporting solution provider for financial institutions. It uses artificial intelligence, big data, and robotics to automate the process of data management. Its solutions aid financial firms to tackle the rapid challenge posed by regulatory pressures and increasing global competition while reducing cost and time of the processes. Founded in the U.S., its innovative solutions improve data quality and keep regulatory reporting in harmony. Hexanika's unique big data deployment approach simplifies, optimizes, and reduces the cost of banking analytics. To streamline data, it offers end to end data management, analytics, and reporting platform making banking analytics effective. The company is providing its solutions to financial institutions and helping them keep pace with changing regulatory requirements by leveraging artificial intelligence.

• Flybits

Banks are looking for ways to maximize their use of data and better engage customers. The contextual data intelligence company, Flybits leverages the capabilities of analytics to enhance the customer experience in the banking and financial sector. The trust of the world's leading financial organizations in Flybits and its role in promoting digital transformation is a testament to the essentiality of data intelligence in banking. It has empowered financial institutions to improve their interactions by utilizing contextual data. Its end to end platform is equipped with unique artificial intelligence and machine learning capabilities. This startup enables banks to use real-time data and contextual intelligence to shift to new models to reach customers faster. Financial institutions across the globe are relying on its contextual recommendations, which sorts through disparate data turning it into a centralized ecosystem and drawing valuable insights.

• DataRobot

DataRobot, a Boston-based data science company, enables bank analysts to build predictive analytics with no knowledge of programming or machine learning. It combines the knowledge, experience, and best practices of leading data scientists, delivering unparalleled levels of automation and convenience for banking analytics operations. It also enables banks to build and deploy highly accurate and efficient analytics models in a fraction of time. Once data is ingested in DataRobot platform, it suggests appropriate data types. Analysts and data scientists can perform necessary data exploratory activities on the ingested datasets. This entrant elegantly deals with a sales forecast, customer churn analysis, banking anomaly detection, and many more. The acute shortage of data scientist and the evolving regulatory environment in banking makes DataRobot an attractive candidate for most banks.

Banks are tasked with using data to gain better insights to make sound decisions. Leveraging datasets for deeper insights will be a boon for banking institutions; thanks to banking analytics startups for they will back banks in the on-going data revolution.   

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