With the data-crunching power and customer centric model of MetricScape, Novantas has developed services for its financial services customers that help them, in turn, enhance customer loyalty through smart and properly targeted financial services solutions.
In a world where consumers are increasingly interacting with brands online via smartphone, browser, telephone, and social media, it is more essential than ever for banks to retain and broaden existing relationships with customers. Big data has emerged as a possible solution to measure and drive customer loyalty. Kaushik Deka, Director of Engineering and CTO at Novantas, explains the current scenario: as big data proliferates across industries, there’s an understandable expectation that the combination of vast customer information bases, technology and analytical methods can reinvigorate bank-customer relationships. Building on the investments in customer relationship management (CRM) over the last two decades, newer technologies are now available to capture, analyze and scale customer information as well as predict cross-selling opportunities for banking products.
In partnership with Cloudera, Novantas has built an application called MetricScape® to run on top of a Cloudera-based Hadoop and Spark cluster that can crunch over a thousand business metrics and behavioral-driven scores per customer in sub-second response time. This analytical workbench also allows data scientists to collaborate within a comprehensive governance framework and helps accelerate model development by giving them easy access to a retail banking data model that holds many years of detailed customer history including deposit history, customer holding, detailed transaction history, promotional offers, marketing history and extensive third-party data. With the data-crunching power and customer centric domain model of the MetricScape platform, the analysts at Novantas have been able to develop services for its financial services customers that help them, in turn, enhance customer loyalty through smart and properly targeted financial services solutions.