7 Big Data Players To Watch

New York City, IBM, State Street and four other organizations are developing innovative ways to leverage the ever-increasing volumes of data they're amassing.
March 05, 2013


Structured Plus Unstructured Data Equals Personalized Product Offers

Many banks are focused on using big data to gain a better understanding of their customers' purchasing behaviors. The best way to do that is to combine data from as many sources as possible, both structured and unstructured. NGDATA, in Ghent, Belgium, specializes in doing just that. The company's platform, dubbed Lily, is designed specifically for large enterprises and gathers structured and unstructured data for analysis. This helps clients take data sets that were previously siloed and analyze them together to get a 360-degree view of their customers, NGDATA CEO Luc Burgelman (pictured at right) says. The platform's recommendation engine then uses that analysis to create personalized product and service offerings for the customer.

Lily's recommendation engine is twice as successful at enticing customers to buy products as the next-to-buy algorithms used by companies such as Amazon and Netflix to recommend movies and books, Burgelman reports. And Lily analyzes data in real time, an ability that Burgelman says is key to its success.

"Real time equals timely offers. Without real-time analytics you can never capture the customer when they're at the store or on your website," he explains.

NGDATA released its second version, Lily 2.0, in January. It includes the ability to link to new applications such as QuickView, SAP Business Objects, SAS and Tableau. The company is already looking into adding more prepackaged connections to similar applications for its next release, as well as adding new churn-modeling capabilities to help understand why customers leave their bank, telco provider or utility service. -- J.C.

Bank Systems & Technology encourages readers to engage in spirited, healthy debate, including taking us to task. However, Bank Systems & Technology moderates all comments posted to our site, and reserves the right to modify or remove any content that it determines to be derogatory, offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM. Bank Systems & Technology further reserves the right to disable the profile of any commenter participating in said activities.

Disqus Tips To upload an avatar photo, first complete your Disqus profile. | Please read our commenting policy.
< Previous1 2 3 4 5 6 7 8 Next > 

< Previous1 2 3 4 5 6 7 8 Next >