The financial services industry generates large amounts of data daily, making it one of the most data-intensive sectors. The challenge these organizations face is knowing how to parse the data, make sense of it and use it to drive operational efficiencies and business growth. That’s where Fortimize’s Data & Analytics practice comes in.
Our mission is to enable financial institutions with the necessary expertise, tools, and strategies to fully harness their data’s potential. We do this through a range of services:
- Data strategy: We help organizations develop roadmaps aligned to their business strategy (data management, data governance, and data migration).
- Data platform & architecture: We develop cloud platforms and solutions that use data warehouses (ex: Snowflake), data lakes, and data integration tools (ex: MuleSoft).
- Data visualization: We build a platform for sustainable self-service business intelligence (BI) and visualization (ex: CRM Analytics and Tableau).
Use cases where Fortimize can enable clients
Here are a few ways in which we can help financial institutions develop faster and more sophisticated data-driven solutions:
Use Case #1 – Improved Customer Experience
With data and analytics, financial institutions can gain insights into customer behavior, preferences, and needs allowing them to personalize their outreach and offerings.
For example, we can help banks leverage customer data, such as transaction history, demographics, and credit scores to build predictive models that identify customers most likely to purchase specific products (ie. credit cards or mortgage loans). Personalized offerings increase wallet share and generate greater customer satisfaction.
Use Case #2 – Enhanced Risk Management
We understand that managing risk is critical to the success of financial institutions. Data and analytics can help identify potential threats and improve risk management practices.
For example, we can analyze historical data and identify patterns to better predict risks such as fraudulent transactions. This enables financial institutions to create proactive measures to mitigate them before they occur.
Use Case #3 – Streamlined Operations
By analyzing operational data, institutions can identify areas where processes can be improved or automated, resulting in cost savings and increased productivity.
For example, we can help identify inefficiencies in the loan origination process and suggest process improvements that can reduce the time and cost associated with loan approvals.
Use Case #4 – Asset Management
Data and analytics is a valuable tool to help organizations keep track of building performance and make changes that will produce more efficient results.
For example, we can help commercial real estate companies leverage information about tenant occupancy rates, rent collection rates, and upkeep costs to find ways to cut costs and make more money.
By leveraging Fortimize’s Data & Analytics capabilities, financial institutions can gain deeper insights into customer behavior, learn how to manage risk, and drive greater operational efficiencies. We’re excited to help more organizations drive business impact and outcomes through the power of data.
Shubhankar Sharma, Data & Analytics Leader at Fortimize, has more than 18 years of experience in delivering global-scale data management solutions; enterprise architecture; business-focused, domain-driven design; and implementations. Throughout his career, he has worked with clients spanning multiple industries but his goal has always been the same–helping them unlock the value of their data to make informed decisions through cutting-edge analytics and insights. Connect with Shubhankar on LinkedIn.