Banks will be able to predict consumer behaviour, including how they use their credit cards and mobile banking, due to a system developed by fintech firm Fiserv.

The modelling system, Predictive Scores, uses anonymous customer data to give information for marketing and performance teams at banks.

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It tracks account processing, debit and credit cards, online and mobile banking and electronic bill payments – representing billions of transactions.

Fiserv said the programme would help financial institutions increase the efficiency of their customer service and help them to lift profits.

Marketing teams could be set to benefit by targeting more relevant customers in their campaigns and identifying high-value potential customers with tailored pricing options.

The software does not require any new hardware, but can be integrated into the bank’s existing computer systems.

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"The unique combination of data science and big data is what sets our solution apart," said Danny Baker, VP, financial and risk management solutions at Fiserv.

Baker said financial institutions could lower their marketing costs by up to 50%. "The knowledge gained from Predictive Scores provides more accurate, detailed support for building and managing customer-centric growth strategies, particularly for acquiring new customers and expanding existing relationships," he said.

 

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