I mean going one step further toward a real improvement in customer relationships – knowing them so well that the bank can anticipate the right moment to offer a specific product. To personalize the offer to that extent, leading banks use technology capable of creating ultra-precise segments. Stay tuned to discover how they apply it to their platforms.
Óscar Barba
Co-founder & CTO of Coinscrap Finance
Getting the investment right in financial technology can be complex
McKinsey & Co.’s Global Banking Annual Review reports that banks worldwide already invest around $600 billion to strengthen their technological capabilities. However, labor productivity in banking has dropped by 4% in recent years. Why does this happen? Technology often focuses only on the end customer and does not support the internal team.
At Coinscrap Finance, we know that spotting upselling and cross-selling opportunities within the customer base is no easy task for sales teams. Today, users hate receiving mass communications, generic messages, or being interrupted by a push notification… So what can institutions do about it? Only one thing:
Learn to read the data. The good news is that it is already available: it’s the information users generate daily through their transactions. And you don’t need billion-dollar investments to leverage it. All you need are the tools capable of interpreting it.
💡 Did you know that…
“We have helped financial institutions improve their clustering capabilities.”
From raw banking data to useful knowledge: how to create segments of one
In our study Applying Machine Learning to Detect Periodicity in Transactional Banking Data, presented at the IEEE Symposia, we demonstrated how we apply technology to detect periodic patterns in customer spending. Since then, we have helped financial institutions improve their clustering capabilities, creating much more refined and practical segments.
When you fully understand the people behind the numbers, it’s easy to design more effective strategies. A user who spends on a gym, sportswear, and trips to distant countries may be the perfect candidate for a life or travel insurance offer. You could even launch the offer just as they’re preparing their next adventure!
Think of another situation: this customer makes recurring purchases at supermarkets and healthy food stores. You could offer them a cashback program for discounts on organic products, along with access to savings plans focused on well-being.
The user experience improves and the customer stays. There are no secrets here: we all like to be treated well, understood, and offered services that improve our lives. Now the bank can do this automatically, allowing sales teams to increase their efficiency exponentially.
The next step: solving doubts in real time within digital banking
Let’s think beyond segmentation. What if you could serve all your customers in real time, without overwhelming the call center and without generating wait times? That’s what you get with our Smart Assistant – a virtual financial coach that understands natural language and integrates easily into the platforms of banks, neobanks, and fintech.
Neither the financial industry nor users need just another chatbot. That’s why we decided to create an intelligent assistant that leverages our expertise in enriching transactional data. This way, we built intelligence capable of holding smooth conversations, taking into account customers’ financial history and preferences.
Cutting-edge conversational AI technology, built for business
As our CEO, David Conde, explained during the presentation alongside Google Cloud: “Our financial assistant analyzes transactional data and answers any user question with ultra precision. It’s not only very useful for the user – it’s also valuable for the bank.”
Smart Assistant turns your app into an active companion, helping people with their personal finances. It also shows the bank that every person is unique, with specific needs depending on their life stage.
Transforming banking data into stories with value for institutions is now a reality. Expenses and income have never had so much meaning. A purchase at a pet store can reveal much more. Each transaction uncovers habits, opportunities, and potential decisions. Now you can interpret them.
As you can see, integrating banking innovation into your company may be easier than it seems. The time has come to go further: fintech brings agility and technology so global banking can turn every customer interaction into a business opportunity.
Easy banking innovation thanks to transactional information
With Smart Assistant, internal clients no longer see columns of numbers but a financial health map: alerts on key sales moments, savings opportunities, and potential investments.
The best part: it requires no extra effort. The intelligent assistant alerts you to every upselling or cross-selling opportunity, enabling the bank to anticipate user needs and offer services that truly generate a positive impact.
It also provides a clear and friendly view of the customer’s financial situation: recurring income, habitual expenses, deposits… The perfect tool to prepare for a sales meeting with an edge.
And all with an added benefit: this is an innovation that can first be tested internally, accelerating time-to-market and improving efficiency across the organization.
That’s what we mean at Coinscrap Finance when we say we’re nonconformists: we continuously learn, just like our developments. You can now foster conversation within your digital banking, improve each user profile, and prepare the next interaction – automatically!
About the Autor
Óscar Barba is co-founder and CTO of Coinscrap Finance. He is an expert Scrum Manager with more than 6 years of experience in the collection and semantic analysis of data in the financial sector, classification of bank transactions, deep learning applied to stock market sentiment analysis systems and the measurement of the carbon footprint associated with transactional data.
Doctor in Information Technologies from the University of Vigo, he holds a Master’s degree in Computer Engineering, a Master’s in E-Commerce from the University of Salamanca, a Scrum Manager Certificate, and Project Management certification from CNTG, as well as a Certificate in SOA Architecture and Web Services from the University of Salamanca. He has recently obtained the ITIL Fundamentals certification, which recognizes best practices in IT service management.
