Operationalize Results from Analytics
Analytics is an ongoing topic in banking and insurance. From analysis of their gigantic data pools, the institutes hope to gain new insights into customers and the market. In practice, however, companies often face the difficulty of implementing these insights in their day-to-day business.
Decision management is an effective way to operationalize analytics results. Because the underlying decision models clearly show how the decision is made (see figure above). That means: which systems (or roles) are involved in a decision? Which data is used? Which decisions have to be made in advance? New findings are thus transferred to the day-to-day business by optimizing decision models. This can be, for example, the adjustment of a pricing table or the addition of an age check at the account opening.
Improve Digital Interactions & Customer Dialogues
Media breaks and impersonal customer dialogues are still a reality for many banks and insurers. But customers are frustrated when the settlement of an insurance claim is accompanied by paper forms, scans and correspondence by post. Or if the loan application is made online, but the settlement by post.
Decision management in the financial industry allows banks and insurance companies to create truly digital, end-to-end interactions. Personalization, localization or targeting enable needs-based and accurate dialogues at the point of contact with the customer. For example, if a customer updates their place of residence in online banking, the system suggests a loan for the interior. If a region is affected by severe weather over a large area, the insurer temporarily simplifies claims settlement in order to process losses more efficiently All these are real examples and reasons for decision management at banks and insurers. If you would like to discuss your application, our experts are at your disposal.
If you want to learn more about decision management in the financial industry, you can find some interesting links below, or you can contact our experts.