Fiserv subsidiary Raddon has introduced a new solution to equip the financial institutions with predictive marketing capabilities and boost ROI.

Dubbed Predictive Analytics, the solution encompasses several functionalities to understand customers’ banking behaviour, anticipate their requirements and deliver personalised services.

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The system procures two years of first-party anonymised data from the financial institution on all usual services. This data is then assessed and a Key Lifestyle Indicator (KLI), a Segmint-developed technology, is assigned to every consumer.

These indicators will help the bank to understand consumer spending and banking behaviour and accordingly devise their services.

Overall, the technology is designed to help financial institutions to launch data-driven marketing and target customer groups with appropriate products.

Raddon general manager Edward Wipson said: “Institutions are challenged to bring in new deposits and achieve primary financial institution status across the board.

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“Predictive Analytics can provide an edge that helps them be more relevant through timelier and better targeted marketing.”

The Predictive Analytics technology can be integrated into any core banking system. ELGA Credit Union is the first financial institution to implement this technology.

ELGA Credit Union CEO Karen Church said: “Consumers have a lot of options when it comes to financial service providers.

“If we can get in front of them to provide what they need, when they need it, that’s a big part of how we earn a place as the primary financial institution in their lives.”