Banks have a lot of data about their customers — identity, household relationships, and financial habits and goals. If these are used at all, they are used for internaloriented activities of cross-selling and upselling but rarely used to integrate financial services into the day-to-day life of customers.
Goals and Objectives
Insights as a service allows FIs to leverage data analytics capabilities and market expertise/industry knowledge to provide value-added services to customers. This is a potential new revenue stream on the back of existing analytical capabilities.
Partner API infrastructure, API gateways, API management layer, data virtualization, data visualization, machine learning, cloud, Big Data/analytics, data models, natural language, no code/ low-code user interfaces
Use Case Summary
As banks build new information-based services, an option is to become a “distributor of insights,” which can be based on the customer’s own data or the bank’s transactional data. Analytics as a service allows customers to access the analytical tools and models of the bank to generate their own insights.