Member News: Strands Reveals Industry-First Insights Generator
SME Finance Forum member, Strands, launched a new generation of Engager, an implementation that transforms every interaction into a guided and meaningful conversation, transforming complex data into relevant customer insights and added-value solutions in real time.
Engager 2.0. offers a novel way to engage with users on a new level –benefiting from AI and ML to effortlessly advise consumers towards their financial goals.
Using Engager 2.0. capabilities, banks are able to provide retail and business clients with varying degrees of guidance in money management, ranging from real-time insights to personalized recommendations and financial education tips.
Moving the focus from product to person
Engager 2.0. displays data in a way the user understands, promoting ongoing engagement and rebuilding the relationship between bank and client from day one.
The solution is built with over 200 predefined insights –each of them actionable and forward-looking– with the needs of the user in mind.
This will allow customers to receive notifications periodically in a balanced way from each of the four categories (Bank and Merchant Solutions, Alerts and Warnings, Financial Education and Badges and Rewards), empowering them to be better informed and achieve a brighter financial future.
Real use case examples
Engager + Personal Finance Management (PFM)
• Customer: In two days, their checking account liquidity will be compromised.
• Bank: Anticipates customer needs and suggests two next-best solutions: “Transfer money” and “Request credit line”.
Engager + Business Financial Management (BFM)
• SME owner: their business has grown by 25% in the last three months.
• Bank: As the SME’s business partner, it offers a couple of bespoke next-best actions: “Create new provision” and “Start earning interest”.
At the forefront of AI & personalization
The ability to apply Artificial Intelligence and personalization is what has enabled Strands to grow into the business it is today. The company has been leveraging extensive expertise in Big Data and Machine Learning since 2004.
Founded in Corvallis (Oregon, USA) and Barcelona (Spain) 15 years ago, Strands started commercializing disruptive personalization systems in the music industry —which led to a patent portfolio in recommendation algorithms that was acquired by Apple later on.
"Engager is a paradigm shift in the relationship between banks and their customers. We have been leveraging our expertise in recommendations and ML since our beginning within the music industry in order to provide truly personalized advice to the end user; now we’re able to apply our knowledge to facilitating a more-beneficial conversation between the bank and its customers,” Albert Morales, VP Product Management at Strands said.