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New to the platform: Introducing the Financial Product Finder
Written by Ed Maslaveckas
Over the last few months, we’ve been working hard to expand on the capabilities of our core Intelligence product. This started with the release of customer characteristics, and custom insights capabilities and today we’re taking another major step with the Financial Product Finder.
As its name suggests - the Financial Product Finder creates a summary of a customer's financial products using their transaction history. Currently, it can detect:
- Mortgages
- Loans
- Credit Cards
- Insurance products
- Private Pensions
- Investments like ISAs
The FinTechs and Financial Institutions we work with use these products to help their customer's achieve a specific goal. The first step in doing this is to understand the products a customer already has. As things stand, this can pose quite a challenge.
How it works?
The Financial Product Finder combines the output of our Categoriser and Merchant Identification services to create a probability score that a given transaction is a financial product. The Finder then pulls the high probability transactions into a summary of predicted products.
How are clients using it?
The Financial Product Finder has a wide variety of applications. We've seen clients use it for discovering cross-sell opportunities during customer consultations, with one client increasing upsell by 60%. It's also been used it to identify customers with a need for a given product, for example, people with multiple loans that could benefit from consolidation or people with large cash deposits but no investment products.
How do you get access to it?
The Financial Product Finder is being rolled out as part of our Intelligence product. You can also use it with Assess, our dashboard product to review a customer's financial situation. To find out more about how Bud can support your goals, get in touch with the team here.
Download the Intelligence Factsheet
New to the platform: Introducing the Financial ...
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