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Records used for scoring summary.
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Customer Relationship Score Grid
Inspiration
Being part of the client services group, we get the opportunity to interact with every level of employees of the Financial Institution for various kinds of issues or requirements and in every communication one factor always stands up; it's all about how important is the customer base for them. Well it's not a secret about the importance of the customers but sometimes Banks miss to identify valuable customers and may loss them. Also, Bank could end up thinking a specific customer to be good but in actual that customer could not be so beneficial to the Bank. Below are some questions that could pop up if we think about how to identify the best and worst customer for a Bank. 1) How can we judge a customer's relationship with our Bank? 2) How much good really is a customer for our Bank? 3) Are we investing our promotions on the right people? 4) Can we score a customer's relationship with our Bank? 5) Like we seek credit score from external credit bureaus, can we have a score on overall customer relationship for a new customer with any FI?
What it does
The credit or debit bureaus are out there to score a customer based on pre-defined rules of bureaus. But our solution gives the power to the Bank to score their customers according to the rules designed by the Bank itself for their customers. Here the Bank could define various rules against which their customers need to be evaluated and how they need to be scored. For a new customer, we start at a score of 500 and based on the rules defined by the Bank, the real time score could go upto 1000 and go down upto 0, where the score defines how valuable the customer could be for the Bank; with 1000 scored as the most valuable.
How we built it
First started with the portion of designing the rules where the FI could create the rules against which the customers need to be evaluated. Second, the portion which would fetch the required data from the Fusion Phoenix® Core to be used in the rule evaluation. Third, the individual rule scores to be fed into the scoring algorithm to get a final score for the customer. Fourth, an interface to display the customer relationship score to the bank employee.
Challenges we ran into
Designing the scoring algorithm and designing of custom APIs.
Accomplishments that we're proud of
We understand this is first of a kind solution where the Bank can score their customers against the rules they design and could evaluate how valuable a customer is to the Bank. Based on the customer relationship scores, the Bank can provide relationship pricing and better promotions based on the inputs from the Bank's Analytics division.
What we learned
It's possible to collectively scale down what the credit and debit bureaus are doing at a Global level to something that is custom for the Bank/CreditUnion and the particular community they serve.
What's next for FusionOculus
Finastra could become first of its kind scoring bureau where the Financial Institutions from US could request for the "Customer Relationship Score" to help them know their new customers better. This part of the solution would be scoring the customers against a set of rules which would be designed by Finastra as a scoring bureau. This is not debit or credit specific but a combination of both and other considerable factors to truly determine the customer's relation with the US financial institutions. This could be like setting a new direction in Banking and just like customers try to maintain a good credit score, this could help bring financial discipline in the community, there by a stronger economy!
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