AI Finance Manager

Artificial intelligence is revolutionising banking with optimised processes, real-time data-driven insights, and hyper-personalization. As a technology pioneer, Contovista is at the forefront of this data-driven megatrend, and has been delivering growth solutions for financial institutions for years through AI approaches like machine learning. This innovation unlocks entirely new possibilities for creating customer-centric products based on transaction data.

The journey continues with new AI capabilities that Contovista is gradually implementing, focusing on where they make the most sense for financial institutions. These advancements will be consolidated in our forthcoming AI Finance Manager.

Financial institutions benefit from productive functions and integrated client analytics powered by AI, without the need to invest in the development of AI capabilities themselves. End customers gain convenient access to AI-based features through the PFM (for private customers) and the BFM (for business customers).

What may initially seem a little technical holds enormous strategic potential for financial institutions. Dive deeper into the background, Contovista’s innovative approach, and the significant opportunities AI offers for banking here.

 An Integrated Platform with an AI-Based Financial Cockpit and Client Analytics.

By integrating the Contovista Enrichment Engine into the Finance Manager solutions, financial institutions now have easy access to enriched transaction data and advanced client analytics features for internal use. Our innovative approach transforms account information into actionable insights by enhancing transaction data with external information, regardless of its source, geographical origin, or language.

The analytics features allow structured, actionable insights to be drawn from unstructured transaction data. A vivid profile of the preferences and needs of individual end customers is then created.

In our new product architecture, AI capabilities are seamlessly integrated and available across the entire data infrastructure. This approach offers significant advantages for banks:

• Hybrid architecture (cloud and on-premise): In the future, various models will be calculated directly in the Contovista data center. This enables the use of state-of-the-art AI and advanced models (including GenAI).
• Shared learning effect and continuous training: The AI models are trained on datasets that do not contain any identifiable customer data (non-CID data). Having different banks use the models leads to a shared learning effect that minimises the typical AI risk of overfitting. The models are continuously optimised so that all participating financial institutions benefit from improved precision.
• Relevant insights thanks to real-time intelligence: The client analytics functions come with numerous AI features for Enrichment Engine users, providing valuable insights for customer advisors (e.g. Insights).

The integrated architecture allows financial institutions to customise their capabilities with AI features. This enables more productive tools for bank employees as well as more relevant services for bank customers.

A wide range of analytical add-on modules are available for bank staff:

• Streams: Periodically recurring transactions are identified and categorised
• Identity assessment: Insights into the habits and lifestyle of private customers (e.g. travel, leisure preferences, family status, sustainability)
• Financial profile: Insights into income and bonuses, financial obligations (loans, etc.), cash owed to third-party banks, price sensitivity, credit and account utilisation
• Events & trends: Insights into new employers, salary increases, retirement, inheritance, life events, etc.
• Risk assessment: Insights into credit score, financial health score (changes in income / expenditure), risk indicators (e.g. divorce, gambling)
• REST API for advisory tools: The simple REST API allows analysis capabilities to be integrated into existing advisory solutions (e.g. CRM)

Contovista’s new product architecture gives financial institutions seamless access to AI-driven insights. In turn, this enables them to provide their customers with personalised offers, boost customer loyalty, while simultaneously achieving significant operational efficiency gains.

The added value for banks is extensive:

• Increased sales effectiveness: Personalised advice, cross-selling and up-selling, optimal meeting preparation
• Seamless integration: Leverage enriched data for other applications such as CRM automation etc.
• Reduced costs: Less effort for infrastructure and application management thanks to the Enrichment Engine
• Minimised risk: Real-time risk metrics and data-driven credit assessment
• Simplified reporting: Clear presentation of customer and transaction data allows for better strategic decisions

Above all, the new capabilities also benefit the banks’ customer advisors. Through the integration of the Enrichment Engine in the AI Finance Manager and the comprehensive client analytics insights, they receive additional information that helps them manage their daily tasks more effectively and efficiently.