Changing how financial-service apps perform: This time it’s personal! (VB Live)

As financial services have become more efficient and convenient, they’ve lost some of their personal touch. This webinar will demonstrate that financial institutions are utilizing big data to better personalize customers’ connections with their finances…as well as the products these companies can offer them.

Register here for free.

How times change! You used to have to go into a bank for everything, walking up to the teller window and discussing what you wanted to do. What could be more personal than talking to another human being?

Interaction with a bank then changed to the automated teller machine. “I need to get $60 for the weekend…I’m going to make a quick run to the ATM” became de rigueur conversation. ATMs are convenient for customers as they operate beyond (literally) bankers’ hours, but they’re distinctly less personal in relation to a teller.

Now you can pull up an app on your smartphone, make a mortgage payment, check your account balances, and deposit a physical check by scanning it with your phone’s camera — completing all of that within seconds wherever you are. It’s still somewhat impersonal, but extremely convenient as transactions are almost always an arm’s length away.

Today, banks and other financial-service companies are pushing a sea of change in financial technology, and it’s all based on the ever-important big data and analytics to better personalize their app experiences. A 2014 Capgemini Consulting study found that “60 percent of financial institutions in North America believe that big data analytics offers a significant competitive advantage,” but also determined that “only 37 percent of customers believe that banks understand their needs and preferences adequately.” Today’s financial institutions (FI) are moving forward with “fintech” strategies that will flip those numbers while driving new revenues for themselves.

As with most other industries, FIs are taking advantage of data analytics to provide fresh insights into customer needs and to trigger vital conversations that will help them deliver essential products when customers need them. For example, the newest advancement to the Envestnet | Yodlee Financial Data Platform, Transaction Data Enrichment, provides consumers with greater clarity into their financial transactions. Transaction Data Enrichment augments financial transaction data by adding a simple description, merchant name, category, transaction type, and frequency in a contextualized manner based on the learnings from millions of transactions. For the first time, Envestnet | Yodlee is offering data enrichment technology through a fast and efficient Data-as-a-Service (DaaS) engagement.

Financial institutions and fintech innovators offering personal financial management (PFM) or other financial apps are burdened with the challenge of hard to read, ambiguous transactions, which makes it difficult for consumers to recall the transaction when it shows up on their bank or credit card statement. By applying innovative machine learning techniques, Transaction Data Enrichment provides clarity and insight into financial transactions, enabling financial service providers to personalize the customer experience.

This VB Live event will bring together a panel of fintech specialists to explain what their companies are doing to help FIs and developers leverage data warehouses and be more responsive to customers’ financial needs through personalization. Whether you’re a fintech developer or with a financial-services company, you’ll get invaluable intel on how fintech is leveraging and analyzing their users’ data.

Don’t miss out!

Register here for free.

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In this VB Live event, you’ll learn about:

• The increasing demand for fintech apps to create an individualized digital banking experience
• The rapid advancement of gathering and analyzing consumer transactional data
• How fintech developers can leverage contextual data to improve customer products

Speakers:

• Alex Cram, Co-Founder and Chief Technology Officer, Track Technologies
• Robin Verderosa, Senior Product Manager, Envestnet | Yodlee
• Jim Del Favero, Chief Product Officer at Personal Capital
• Mani Fazeli, VP of Product, Wave

Moderator:

• Evan Schuman, VentureBeat

This VB Live event is sponsored by Envestnet | Yodlee.