Economic and competitive forces have compelled banks to focus on not only maintaining but increasing their existing retail customer relationships and deposits while simultaneously maintaining or increasing the profitability of this business. The Novantas solution has enabled banks to conduct more profitable deposit business by using state-of-the-art Big Data and analytics technologies and techniques. Their models combined with Cloudera Enterprise and Apache Spark’s ability to store and process massive amounts of information at a low cost, have enabled banks to target customers based on their responsiveness to price and the likely retained value from that offer. This capability delivers new opportunities for banks and is a competitive advantage over new entrants into the market.
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