Financial institutions are under more pressure than ever. Emerging competitors and disruptive technologies are changing how and where people spend, save, and invest, with customers demanding more value and flexibility. Criminal activities have become so sophisticated that it’s hard to stay ahead of fraud and cyberattacks. Regulatory demands require constant self-analysis and reporting.
Whether in banking, financial services, insurance, or mortgage, Altair financial data analytics solutions provide your organization with the tools needed to transform business processes, ensure compliance, drive profits while cutting costs, and free personnel to focus on crucial activities.
Financial institutions can reinvent critical business processes across all departments with Altair® RapidMiner®, our data analytics and artificial intelligence (AI) platform. From tightening cybersecurity, evaluating and pricing risk, ascertaining credit scores, and predicting cash flow events, to driving customer acquisition, personalization, and loyalty.
The requirement for powerful computing technology that enables high-throughput processing is higher than ever in finance, since it’s indispensable in handling mountains of data in areas including algorithmic and quantitative trading. Financial institutions often need to run tens or hundreds of thousands of short, mission-critical jobs – and they need the right tools to manage these demanding workloads.
Risk assessment is crucial for any enterprise that extends credit to customers. Commonly known as credit scoring, the process helps lenders make confident, informed decisions on whether prospective customers will honor their debt. Credit scoring is typically associated with the banking and financial service sectors, but is required across a wide array of businesses, including telecoms, retail, and insurance. In most cases, credit scoring isn’t just a business tool, it’s a regulatory necessity. And credit scoring is a vast industry. In the U.S. alone, recent consumer debt valuations hover over $14 trillion.
Altair works with over 4,000 banking, financial services, and insurance (BFSI) companies – including 17 of the world’s top 20 investment banks. Altair RapidMiner, our data analytics and AI platform, offers unparalleled breadth and depth across the analytics lifecycle. Whether an organization requires an end-to-end platform or point solutions, Altair RapidMiner empowers customers to give their diverse teams the right tools at the right time. Our Center of Excellence (CoE) methodology provides the tools your team needs to improve their skills quickly, and our unique Altair Units licensing model provides cost-effective options that give organizations a competitive advantage.
At its simplest, a product price is defined as the sum of cost and profit. The primary aim, and biggest challenge, in the insurance sector is accurately estimating product cost. Over the years, insurers have developed a plethora of tools, methodologies, and mathematical models to calculate costs. The big data revolution – along with advances in data processing, predictive analytics, and artificial intelligence (AI) – has made this effort more achievable.
Credit risk specialist builds robust SAS language-powered analytics framework. Vestigo uses Altair Analytics Workbench™ to develop and maintain models and programs written in the SAS language. The software’s drag-and-drop workflow lets its teams build new models quickly without needing to write any code. When the team needs to update existing client libraries, they can work with clients regardless of what language the client used to build them originally since Analytics Workbench can handle Python, R, and SQL in addition to the SAS language. The Vestigo team can combine modules built in any of the four languages into their updated models.