CASE STUDY

User Behavior Analytics: The Key to Analyzing User Journeys and Detecting Fraud in the Banking Sector

May 10, 2019

The client is a leading financial services provider based out of Germany. Owing to the rise in the global customer base, the consumer cards division of the organization was looking at deploying a new approach to analyze millions of customer attributes to better understand customer journeys and mitigate risks. Their existing approach failed to systematically engage customers in ways that would help them boost revenue. Hence, they wanted to leverage user behavior analytics to gain in-depth insights into end-user behaviors.

The Business Challenge

Today factors such as speed, agility, and access to reliable information have turned out to be key differentiators between successful businesses and the ones that succumb to the growing competitive pressures. Though the traditional business models focus on implementing secure systems that meet key business requirements, they fail to track and analyze customer journeys. This is where user behavior analytics can help.

The banking and financial services sector is on the cusp of a major industrial revolution that is driven by the use of user behavior analytics to effectively track and understand customer behaviors. Top banking firms have already succeeded in augmenting their business data with massive customer databases to identify patterns in user journeys, consumption patterns, and end-user needs. However, there still exists a vast untapped opportunity for banks to develop and integrate an in-house user behavior analytics solution.

We recognize the importance of analytics in today’s complex business scenario, but we also understand the necessity to find realistic, ways to track customer behaviors. This is why we help our clients leverage user behavior analytics to effectively track and monitor user journeys. Get in touch with our experts for detailed insights.

The client a leading banking firm in Germany, found it increasingly challenging to mitigate risks and track user behaviors. At a time where fraud and cyber risks are increasing at an unprecedented level, banking firms face several predicaments in introducing new banking services. The increasing risks and declining customer trust prompted the client to take definite measures to tackle their challenges by developing an in-house user behavior analytics strategy. However, they lacked the required expertise and domain knowledge to do so and approached Quantzig to help them develop a suitable solution.

Solution Offered and Value Delivered

To help the client tackle their core business challenges, Quantzig’s user behavior analytics experts offered an intelligent, adaptable solution to effectively analyze user journeys. The process began with a detailed evaluation of key business processes and specific requirements of the consumer cards division. Such an approach helped the client to better understand the behavior of individual account holders, calculate risks, and devise strategies to mitigate risks.

The user behavior analytics solution also helped the client to:

  • Better understand customer journeys
  • Achieve a 3X improvement in the analysis of customer attributes
  • Detect anomalous activity irrespective of the type of attack

Today, several untapped opportunities exist for financial service providers to develop and integrate an in-house user behavior analytics solution into their core processes. Request a FREE demo to better understand the potential of user behavior analytics in banking.

What is User Behavior Analytics?

User behavior analytics revolves around the processes involved in tracking, collecting, and analyzing user data to identify similar patterns in user behaviors. Robust user behavior analytics solutions offer in-depth insights into end-user behaviors to help organizations better understand customer intentions and track suspicious behavior.

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Why Choose Quantzig as Your Next Analytics Partner?

Quantzig is a leading analytics solutions provider that is well-known for assisting clients across the globe. Through a range of advanced analytics solutions and data-driven insights, we help organizations transform themselves into an analytics-driven organization. Our highly skilled team of data scientists, consultants, and analysts can help you take the next big step towards transformation by helping you identify new opportunities, define robust solutions, and develop cutting-edge visual dashboards.

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