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Enhancing customer journeys and improving fraud detection through machine learning

Enhancing customer journeys and improving fraud detection through machine learning

Financial service institutions globally are
striving to deliver consumer-centric digital services demanded by a new
generation of tech-savvy customers. These new services represent a massive
opportunity as well as a massive risk as more consumers connect to products and
services digitally. To capture the opportunities, while mitigating the risks,
the institutions need the ability to gain a single enterprise view of customer
data.

Bank
Danamon
, one of Indonesia’s largest financial institutions, also wanted to
obtain a holistic view of customer behaviour across the bank.

The Bank offers corporate and small
business banking, consumer banking, trade finance, cash management, treasury
and capital markets services. Each line of business in the Bank has their own
data mart, resulting in mutliple data silos. So, a platform was required to
integrate data from multiple systems.

Bank Danamon adopted a machine learning
platform powered by Cloudera for
real-time customer marketing, fraud detection, and anti-money laundering (AML)
activities.

The platform pulls in data from about 50
different systems. More than one terabyte (TB) of unstructured and structured
data is ingested and analysed daily, both in batch mode and via live streaming.
The data includes transactional, product, internet banking, mobile banking,
credit card, customer care, voice, digital log, social media, social economic,
and other third-party and external data.

As it implemented a modern data platform,
Bank Danamon wanted a full range of analytic capabilities, from descriptive to
prescriptive. It used the Kogentix
Automated Machine Learning Platform (AMP)
 to help it effectively create
the advanced machine learning models needed to improve business outcomes.

Machine learning applications enable to the
Bank to predict customer needs and determine in real time which offers to give
each customer. For example, staff can deliver real-time, localised, and
personalised interactions to each customer at the right time, with the right
content, and using the right channel.

The bank can also observe the performance
of interactions in real time, and, based on feedback, self-correct and learn.

In addition to deepening customer
relationships, aggregating behaviour and transaction data in real time and
using machine learning has helped Bank Danamon identify new patterns of fraud and
develop preventive triggers to identify fraud incidents. This enables the bank
to detect potential fraud sooner, send real-time alerts and contact customers
for clarification to reduce losses, thereby improving customer experience and
reducing customer complaints.

Billie Setiawan, head of Decision
Management Data and Analytics, Bank Danamon Indonesia, said, the bank was able
to increase the conversion rate for its marketing campaigns by more than 300
percent, improve customer retention, and reduce the number of fraud incidents
by 30 percent, while significantly lowering costs.

 “With
Cloudera and Kogentix, we have the tools to help us test, train, and validate
models, and analyse model performance over time and improve cost efficiency,” he
said.

“A key focus for our digital transformation
at Danamon is to improve customer service while eliminating fraud risks and
compliance cost,” said Mary Bernadette James, chief information officer for
Bank Danamon.

“Big data technology has enabled us to
better manage customer data, while enhancing data protection and managing
compliance. Cloudera’s modern data management platform empowers us to achieve
our digitalisation goals at a lower capital expenditure per terabyte compared
to traditional data management mechanisms, giving us the ability to serve our
customers better and remain competitive in today’s uncertain economic climate.”

Content from Cloudera customer success
story
 on www.cloudera.com  

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com