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.

  1. 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.
  2. Data Lakes and Streams: Capability to make a decision on both data lakes and data streams.
  3. 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.
  4. 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.
  5. 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.
  6. Omnidata Ready: Draws on omnidata from multiple channels such as clickstream or mobile device data for inclusion in the decision process.
  7. Quick To Deploy: Next generation engines can deploy in as little as 12 weeks with six weeks build and six weeks testing.
  8. 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.
  9. 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.
  10. Customizable Dashboards: Contain a built-in user customizable dashboard wizard with real time update on events in the platform.
  11. Multi-Tenancy: Accommodates multiple use cases from a single platform, avoiding data silos or point solutions.
  12. Advanced Rule Simulation: Ability to simulate new rules within the live environment to test challenger models as part of a continuous optimisation process.
  13. Machine Learning Model Simulation: Ability to evaluate multiple Machine Learning models and promote the best one to live.
  14. 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.