The vision of Event Driven Architecture and Real-Time Marketing in financial institutions (part 2/2)
The use of CEP class systems is already a standard, and the number of installations of this type is growing systematically. However, typical implementations are no longer sufficient to build a competitive advantage.
The vision of Event Driven Architecture and Real-Time Marketing (part 1/2)
Thinking about CEP class systems, we need to remember that the right choice of technology partner is crucial for the entire implementation, performance and possible scaling and future development. However, the value of knowledge generated by CEP class systems is directly connected with the amount, types and quality of data that a system is fed with.
Companies striving to obtain ability to discover the client’s goals as well as identifying the contexts of situation are increasingly investing in integrating the entire infrastructure, in particular mobile applications and device location information, BT beacons, tracking Internet traffic from channels where the bank supports payments (e.g. online stores), analysis of behavioural patterns in web and mobile applications, traffic analysis from various partner applications.
The second development trend is the use of Cognitive Services tools as a higher layer of customer analysis based on events and schemas identified by CEP solutions.
A significant trend is also the optimisation of the complexity of infrastructure and the costs of its maintenance and development. Providers, such as Software AG, offer solutions that support the integration layer as well as solutions that support identifying, collecting and analysing events, which is a natural direction of development and evolution – in mature corporate architecture, over 90% of input data for identification and event analysis, comes from the movement on the integration layer.
Event-driven architecture
- Information sources
The model architecture based on events must assume that the CEP class system has access to all sources of information that carry any customer data. One of the most significant data sources are the activities in online and mobile applications, as well as the entire stream of customer data that occur during the provision of a service or the implementation of other business processes.
- Customer profile
Data aggregated by the CEP system are processed and interpreted in real time. Such a model of action allows, on one hand, to immediately take actions for the client, it is equally important to feed this information to the client’s profile in a way that allows determining its needs, goals and potential plan for their implementation
Having advanced knowledge in the profile built from events identified by CEP, the system gains the ability to self-learn and take an immediate adjusted action when the CEP system detects the appropriate sequence of events that can initiate activities aimed at satisfying the needs (e.g. credit).
- Concierge services
In the future, financial institutions will have the ability to acquire and interpret knowledge about the client automatically. It will enable the construction of a profile, thanks to which the bank will identify the client’s goals. Knowing the client’s goals allows to generate a tailor-made product dynamically.
The CEP class systems allow to identify in real-time the context (e.g. presence in the RTV store), assessment of needs and purpose (purchase of tv in instalments) and preparation of a more competitive offer than offered in the store. The CEP class system makes it possible to identify such a situation and reach the client with information matching the current need, in a time short enough to adequately provide him with alternative opportunities before he makes a decision.
The feedback from the CEP system will also enable the creation of dynamic sales or access platforms (online/mobile banking) in a manner depending on the context, behaviours and knowledge about the client.