David Schapiro, CEO
Today’s organizations are looking to the cloud to redefine the relationship they have with their customers and improve their operational cost structure. However, in the financial industry, security and regulatory concerns still inhibit mass adoption and the ability to fully reap the benefits of cloud-based solutions. Making headway in cloud– Fintech and analytics technology is Westport-based firm, Earnix. “There are enormous opportunities in analytics that could be exploited through cloud-based solution adoption, and we’ve found ways, together with CIOs and security officers in the banking industry, to deal with the safety concerns,” says David Schapiro, CEO at Earnix.
What makes us different is the value we add to banks through providing optimized business decisions based on predictive customer risk, behavior and conversion models
Unlike its competitors, Earnix is purely a B2B and enterprise Software-as-a-Service (SaaS) company. “What makes us different is the value we add to banks through providing optimized business decisions based on predictive, customer risk, behavior and conversion models,” adds Schapiro. The Earnix solutions can be applied to loan and deposit products alike, providing a platform to consistently optimize business results with preapproved offers, through-the-door offers, cross-sell offers, retention offers, and customer service offers. On a practical level, cloud solutions can make business processes more efficient, enabling banks to do more. By utilizing the Earnix cloud solution, insurers and banks can quickly bypass any IT infrastructure limitations and instantly make the solution available to pricing teams across the organization. On-demand rollout and instant access to pricing analytics across products, territories and departments can also be leveraged with the Earnix cloud software.
“It accelerates time-to-market for new products and optimizes the bank’s revenue, product design, pricing strategy and long-term retention of customers that are particularly important to the bank,” states Schapiro. Essentially, through the comprehensive Earnix banking platform, the company provides analytics technology to empower banks to implement pricing strategies, hence maximizing profit and growth objectives. The platform includes a real-time engine that delivers instant optimized price quotations directly to the point-of customer interaction via the internet, call center, or any proprietary system. In essence, the state-of-the-art analytics platform enables banks to improve their products such as loans, deposits, credit card, and other banking products relevant to their customers. “We redefine our customers’ data-driven decision making, by tailoring our solution to their business processes and indicators,” says Schapiro. Earnix’s customers are also given the capability to reach analytics independence by fully training them and putting them in the driver’s seat.
An avid surfer, Schapiro, sails ahead of the market competition with Earnix’s advanced software solution built in the cloud. The company has proven excellence through its real-time and predictive analytics. An implementation highlight occurred when a banking customer approached Earnix as they lacked an appropriate consumer model for loans. The client’s analytics team worked with Earnix’s professional services team to build an appropriate model. They also conducted an outgoing campaign to understand the consumer response and tailor the right customer analytics solution. This eventually helped the customer to streamline the loan processing.
Currently, launching the 8th version of their product, Earnix heavily invests in big data to have a better and faster operationalized analytics solution in real-time. The company constantly innovates with the aim to better deploy the predictive analytics in the banking arena. “Most banks are looking to leverage prescriptive analytics technology in the cloud to improve their business performance. That is exactly where we add value,” concludes Schapiro.