14 Things Banks Should Look For In A Decision Engine Optimized For Digital Transformation
By Jon Pearson, Sales Director, Transformational Digital Journeys, Banking @ Feedzai
Customer behavior is changing and challenger banks are emerging. Friction and abandonment are now avoidable as increased application acceptance becomes the focus. What should an established Tier 1 bank do to get on the ‘front foot’? With powerful tools, a comprehensible workflow and unified implementation, a next-generation decision engine can push your business forward.
Below is a list of fourteen capabilities to be aware of that are readily available in next generation decision engines. These can be leveraged in your next Digital Transformation project.
- Really Fast Data Retrieval Based On NoSQL: 100 times faster speeds are now possible with NoSQL based data stores when compared to traditional, SQL-based decision engines.
- Data Lakes and Streams: Capability to make a decision on both data lakes and data streams.
- Data Source ROI Estimator: Ability to easily asses the value of a new data sources enabling investment only in data that enhances the decision making process.
- Data Agnostic Integration: Truly data agnostic ability to integrate ‘never seen before’ data in two weeks. i.e. not limited to existing data map in the decision engine library.
- Baselining and Anomaly Detection: Ability to compute baselines of what normal behavior looks like to provide a short term forecast and identify anomalies in real time.
- Omnidata Ready: Draws on omnidata from multiple channels such as clickstream or mobile device data for inclusion in the decision process.
- Quick To Deploy: Next generation engines can deploy in as little as 12 weeks with six weeks build and six weeks testing.
- Dynamic Journeys: Capability to score the applicant ahead of the application, allocating a dynamic “happy path” journey dependent on the risks identified through low-level indicators.
- One Platform Form Modeling and Production: Ability to build models, test, simulate and promote to live within the a unified decisioning platform. Retraining at a user defined interval.
- Customizable Dashboards: Contain a built-in user customizable dashboard wizard with real time update on events in the platform.
- Multi-Tenancy: Accommodates multiple use cases from a single platform, avoiding data silos or point solutions.
- Advanced Rule Simulation: Ability to simulate new rules within the live environment to test challenger models as part of a continuous optimisation process.
- Machine Learning Model Simulation: Ability to evaluate multiple Machine Learning models and promote the best one to live.
- Field Validated: Proven ability to dramatically increase new application approvals without any increase in fraud loss.
Feedzai has all the features banks and financial institutions need in a next generation decision engine. With the power of Machine Learning and real-time big data analytics, Feedzai enables enterprise decisioning across multiple data sources and use cases with state-of –the-art performance accuracy and flexibility. Contact us today to find out more about how we can help you.