News

Fiserv debuts 'big data' solution

September 9, 2013

Financial services technology solutions provider Fiserv has rolled out Predictive Scores, a predictive modeling solution for customer behavior. The program leverages insights from multiple, complex data sets (so-called "Big Data"), to yield actionable information to guide an FI's marketing and performance management strategies, the company said in an announcement.

Predictive Scores uses patented and patent-pending models to address the challenge of harnessing multichannel transaction data — from account processing, debit and credit card processing, online and mobile banking, and electronic bill pay systems — to reveal propensities or probabilities that influence business growth.

"[Predictive Scores] provides financial institutions with extremely valuable insights that can lower their direct marketing production costs — by almost 50 percent for some clients," said Danny Baker, VP of financial and risk management solutions at Fiserv, in the announcement. "The knowledge gained from Predictive Scores provides more accurate, detailed support for building and managing customer-centric growth strategies, particularly for acquiring new customers and expanding existing relationships."

According to Fiserv, Predictive Scores can be used to support a number of business objectives:

• boosting ROI of direct marketing campaigns through more precise customer targeting;
• increasing adoption of digital banking tools to expand sales of products and fee-based services;
• identifying high-value prospective customers and making pricing decisions that incorporate each customer's weighted future value and product and service use preferences.

Predictive Scores is the latest solution to be available through Intelligent Workplace, the enterprise performance management tool from Fiserv. It is available as an in-house solution or as SaaS through Intelligent Workplace from Fiserv.

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