28 May 2021

Data is critical to the successful running of a financial institution

At SaaScada, we understand that data is critical to the successful running of a financial institution. It is not uncommon for a bank to spend as much as 10% of its  head office cost base on reporting in order to ensure it is  compliant with regulatory requirements, as well as time and resource spent building management information data sets to help understand where it is delivering value to its customers and of course, where it is not.

The SaaScada intelligent banking platform is built on a unique transaction processor and events sourcing architecture. The combination of these two powerful tools allows SaaScada customers to build dynamic datasets, in real-time, as transactions are processed on the platform. All transactions across all accounts in the bank are processed by the SaaScada transaction processor.   The event processor picks up these transactions and creates datasets. We call these datasets ‘projections’. There is no limit to the number of projections a financial institution might have, and each of these projections is created in real-time as the transaction processor generates changes to the bank’s ledgers. A projection could be a customer statement, a regulatory report, or a management information report.  You can even have a projection to pour data into another system for machine learning or AI processing.  SaaScada clients are leveraging this function today, in real-time, on a transaction-by-transaction basis.

Projections can also be used to drive product innovation. Banks can encourage consumer behaviour by rewarding certain patterns. They can create projections to show behaviours in real-time, and based on a projection, choose to waive fees for customers who keep their balances above a certain level throughout a period, for example. From another projection, the bank may decide to give its customers cash-back on qualifying transactions.

The SaaScada intelligent banking platform not only provides projections to give real-time reports on what is happening on a transaction-by-transaction basis, but projections can also be applied to all historic transactions held on the platform, providing new and actionable insights into all activities within the financial institution.

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