Daybreak provides Insight-as-a-Service to smaller banks and credit unions who lack the data scientists and budget to do this themselves. It’s the first of what will be a series of industry-specific platforms based on Aunalytics’ core engine.
Today, Insights-as-a-service provider Aunalytics is introducing Daybreak, a new platform which is specifically designed to provide advanced analytics to the financial services industry, specifically mid-sized banks and credit unions. It is the first of what the company says will be multiple vertically-focused platforms, each targeted at a specific vertical. Daybreak also introduces multiple new features. Golden Record Assurance comes from Aunalytics’ acquisition of Naveego a month ago. Smart Features are new high value data fields specifically designed to mine banking transactional data. Natural Language Processing enables generalist use of the software to get insights, in addition to being usable by SQL specialists.
Daybreak leverages the capabilities of Auanalytics’s Aunsight platform, which is not actually a product that the company sells, but is the brains, so to speak, behind Daybreak and the other platforms to come.
“Aunsight is what we use to power the products and services that we provide,” said Katie Horvath, Aunalytics’ VP of Marketing and Communications. “Daybreak is an analytics solution specific to the financial services industry, which is powered by Aunsight, and which we have spent the past quarter integrating.”
Daybreak is targeted at community banks and credit unions, rather than the huge investment banks or ones with thousands of branches.
“They typically have a 1-5 person IT department, which is focused on making sure that things turn on and making sure the records are right,” Horvath said. “They won’t have data engineers and data scientists. The big banks have large data scientist teams working on these challenges. We target a market that doesn’t want to be a software company, and doesn’t have the budget for it in any event.”
Daybreak enables this type of financial institutions with the advanced analytics and business insights to improve customer relationships, and strategically deliver new products and services through data-driven campaigns. The solution cleanses data for accuracy, ensures data governance across the organization, and employs AI and machine learning-driven analytics to glean customer intelligence and insights.
“We start from the premise that you need an industry-specific intelligent data model,” Horvath said. “This is the first of these platforms. We started with banking because we had some experts in banks and credit unions in house. This is just the first, and will be followed by other industry-specific solutions.”
Horvath said that three things really stand out in the new platform.
“One is the Golden Record Assurance, which is what the Naveego technology is now branded as in Aunalytics,” she said. It uses Naveego’s data cleansing technologies to match and merge divergent data fields and records into a single source of truth, ready for analytics assessment.
Naveego was a strategic partner of Aunalytics, who liked their technology so much that they acquired them a month ago.
“Aunalytics had their own data gateway they had built, but our technology was faster, leaner and more efficient, and they got excited about acquiring us,” said Horvath, who had been CEO at Naveego before the acquisition. “We added the ability to stream data in real time with our smart API connectors, and given that Naveego’s role was always to get data ready for analytics, we layered in extremely nicely.
“The second new component is Smart Features, which are high value data fields which mine the transactional data of the bank,” Horvath indicated. These are used to generate metrics like propensity models, which predict what type of financial product a customer is most likely to buy next.
The third new feature is Natural Language Processing and Insights, which makes it easy for non-technical business users to query data.
“More technical users are able to use SQL in Daybreak, but since the target for this is the business audience, there is a Googlesque toolbar for queries,’ Horvath said. “This makes it easier to provide insights as-a-service, which is what we are selling.”
Aunalytics does have a channel, which consists both of strategic partners who build on top of them, and MSPs, who use Aunalytics with their own technologies. Aunalytics says that they will have further news of significance on the channel front in the upcoming quarter.