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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:
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.
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.
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.
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.
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