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Financial IT speaks with Jozsef Nyiri, VP of Business Development, W.UP at FinovateEurope 2019

How usually, like retail banks, can use more data to personalize their services and and use machine learning to do so on, like a million scale data set? So these are all all the topics, and especially analytics or all these topics are coming more and more every year we see so actually today we have a we had our demo in the morning and there was about a situation there as a retail banking customer, a Guy named Remco was not very happy of how his bank is treating him, because he exclaimed that he’s getting irrelevant offers spam, how he called him, and we were trying to explain how banks can understand their customers more by unlocking the opportunities in the data they already Have so basically, we went into into this guy lemkos financial life of how much money does he earn? It’s that he had an irregular income is a freelancer, but still he had quite a significant amount that his account at the end of the year and also he earns money from different sources.

We saw that, based from his retail banking data, his bank knows about him. They could predict that he lives in partly Amsterdam, partly London. He was a keen sportsman, runner and also this guy was driving a car back in his hometown. Amsterdam spent a lot of money at Shell to fill up his car, so lots of lots of interesting, smaller vehicle behavior profiles that banks can use to personalize banking communication to their clients and even start offering personalized banking products.

And that was the the next thing that that we we showed that personalized the banking service that our banking product, the trimco was offered was a flexible loan, because our machine learning algorithm predicted the trimco will run out of money in five days. If he’s spending the same way as he usually spends money and he didn’t have any foreseeable income, so this why we said: okay, why not have a 5,000 pound loan to straighten out your cash flow which which he was happy with so so there’s the type of Interaction, we try to enable our empower banks with to be able to based on their data understanding, to be able to personalize their customer communication and offer personalized banking services to them.

Basically, this year, I think the the most important thing is that banks can go even further and not only using their own existing first-party data sources, but also they can hook up to third-party data sources. Second, a third-party to use customers location by the by the phone location of a customer use their browsing history. What they are browsing on third-party websites, what they are interested in so and build all this data to a common data model to understand the customers even deeper.

Actually we’re still in the beginning of the journey, we see many European little banks started to do personalization projects, unlocking the value in that data, but if I would have to scale it from zero to ten, how major is this in in Europe in in this year? It would be maximum three, I would say so. We are still in the beginning.

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By Jimmy Dagger

Find out my interests on my awesome blog!

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