Westpac Banking is joining the race for innovation.
According to the Australian Financial Review, the organization has partnered with Microsoft to create a technology platform that “will let it analyse all the data it has on an individual customer in real time, and offer personalised services, advice and account analytics across its banking apps.”
The hub, title the Data Driven Experience Platform (DDEP), is intended to step up the bank’s offerings to its customers. This investment in innovation was a necessary step. It comes following Commonwealth Bank of Australia’s announcement earlier in the year that they would leverage technology to help customers make better spending decisions.
AI-based insights as a financial services driver
Financial services are undergoing significant changes thanks to modern technologies. By taking advantage of broad data sets, AI enables organizations to see what was once unseen. This applies just as much to internal organizational processes as it does to client offerings.
“[Financial services] either disrupt with AI or are disrupted by AI.” -Helen Yu, founder and CEO of Tigon Advisory.
Internally, AI can significantly empower organizations.
One such application is data visualization, which is a key step on the road to uncovering value from data. With data visualization platforms, businesses can learn more about the day-to-day status of the organization and uncover the stories behind their numbers. When it comes to finance visualization tools, Sisense is a leading platform.
Another excellent organizational tool is DataRails. DataRails is an enterprise-class software that empowers each finance professional to independently work with data and deliver actionable data-driven insights. Data is a precious resource, but not everyone has the expertise to leverage it. With DataRails, finance professionals can access and leverage financial and operational data independently, regardless of technical competency. Self-sufficiency means the finance team can easily support planning, analysis and reporting needs on-the-go to drive faster and more effective decisions.
Predictive analytics make for an excellent use case of AI technology as well. One such platform is Endor, which allows businesses to generate AI-powered predictions that make the most of organizational data. The company prides itself on unprecedented speed and accuracy as well as the platform’s ability to analyze encrypted data.
AI- an unstoppable force of disruption
Banking will only increasingly integrate AI-driven technologies to improve services and processes, making Westpac Banking’s partnership with Microsoft on the DDEP a smart step on their end.