Squirro, one of the world’s biggest banks and $7M ROI

Ever since Squirro first launched, we have worked with many Financial Services (FS) firms, numbering some of the world’s biggest investment banks, insurers and institutional asset managers among our customers.

While the FS sector has a reputation for being conservative in its use of new technology, there are always innovators and early-adopters in any industry and Squirro’s augmented intelligence solutions have proved very successful with a number of these.

This is because Squirro’s technology is tailored for the specific needs of FS firms, with our Squirro for Banking and Finance suite of applications used to deepen customer insight via structured and unstructured data. FS customers use that insight to drive fee income from their clients and it’s a platform that has proved itself to be transformative for many of our customers.

Lacking a 360-degree view of client engagement

One of those customers is one of the biggest banks in the US, servicing tens of millions of customers all over the world. The bank’s commercial banking division had completed a major acquisition and found itself with 19 different Customer Relationship Management (CRM) systems.

This meant that users were unable to get a clear view of client engagement across those systems, and as a result were missing hundreds and hundreds of cross-sell opportunities. Although the bank had put in place a data lake into which data was exported from all 19 CRM systems, it was too complex for users to formulate queries.

Squirro and data access layer

By implementing Squirro’s Augmented Intelligence platform as a data access layer, the bank was soon able to derive enormous value from its data. Users could now easily access data from the bank’s data lake, and with Squirro enriching that data from all 19 CRM systems users could see full engagement information automatically.

The bank now has 10,000 licences and has seen results far beyond its expectations. After a three-year period, the bank estimated it had recouped an additional $7M, a highly impressive figure, directly linked to users understanding each client better and being well-positioned to spot cross-sell opportunities.

We are proud of all our results working with customers in the FS sector, but this is a case study that truly stands out. To deliver such significant ROI shows the potential of our Augmented Intelligence solutions and their ability to deliver tangible benefits.

To download the full case study, please click here.