June 20156Copyright © 2015 Valley Media Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.JUNE - 2015Mailing AddressValley Media Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 June - 2015, volume 01-05 Published by Valley Media Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.556.2627BANKING ANALYTICS SPECIALAaron PierceAlwyn JoeJem ElizabethMatthew JacobJoe Philip Joshua Parker Judy Christine Michelle WilsonAlwyn Thomasalwyn@bankingciooutlook.comVisualizerStephen ThomasManaging EditorJames RobertsonAnalytics tools are not new to banks. But the scope of their applications has grown over the past couple of years. Driven by regulatory demands and changing customer needs, banks see analytics as a key enabler for their overall growth strategy. Advanced analytics solutions are enabling banks to not only manage the increasing cost of compliance, but also address the risk of no compliance--both monetary and reputational. While basic reporting and descriptive analytics continues to be a must-have for banks, advanced and predictive and prescriptive analytics are now starting to generate powerful insights, resulting in significant business impact. These tools help banks to analyze customers' spending patterns, predict their financial and life events and deliver more relevant offers. Now, the big task for financial institutions is to use consumer analytics to gain better insight on current customers. As banking uses data to better understand their customers and members, they must also channel this value back to the user and make their insights an `indispensable, relevant part of their customers' everyday lives.' However, the overall penetration of analytics services in banking is still in the nascent stage--as low as single digits. This implies significant untapped value creation potential. Multiple competing priorities, functional silos, talent crunch, and inadequate data and systems infrastructure are key challenges in effectively operationalizing analytics for financial institutions. To overcome these challenges, vendors are now focused in providing analytics-as-a-service model that combines advanced analytics algorithms with utility computing, while allowing access to global talent pools in applying and consulting on these issues--all delivered via the cloud. Our editorial team evaluated several companies in this arena to present to you the 20 most promising Banking Analytics solution providers. We believe this information will help you, while you get prepared for a more demanding consumer and new competition from inside and outside the industry. We would love to hear your experience of leveraging innovative technology solutions to steer your business. EditorialEmbracing Analytics-as-a-Service James RobertsonManaging Editor editor@bankingciooutlook.com
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