Thought Leaders in Big Data: Interview with Chris Carter, CEO of Approyo (Part 4)

Sramana Mitra: Can you talk about what kind of heuristics you are using in the wealth management scenario?

Chris Carter: When you look at wealth management, you have structured and unstructured data. You have all those nice Excel spreadsheets, documents, and plenty of data points about what you are doing when it comes to your financial loads or portfolios. Then you have to be able to marry that up to all of these different obligations they have. In the past you would have to bring up this document and that document, then see if they match up, if it is the right account number, etc.

What we say is, “Bring that all into Hana, match up the structured and unstructured based upon the codes and IDs to be able to understand where they are at and what they are doing in a number of different portfolio aspects in order to be really able to track that on a real-time basis.” Some of these individuals have billions of dollars that are being leveraged. You want to try and manage some of the spend that are wrapped around these accounts. We found that one organization had individuals who had multiple individuals and companies leveraging the same processes for them on a day-in-day-out basis. We were able to see that there was quite a bit of overlap within these organizations and individuals. Now they can go forth and evaluate whether it is better to work with this company or with that company. Maybe they can cut back the points they were giving to them based upon what they are doing as part of their operating company. So there was a multitude of different ways to clean that up.

SM: So in financial services you are seeing applications in both wealth management as well as running the organizations and speeding up their operational procedures of running the business units within the financial institution?

CC: Yes.

SM: Lets talk about a use case from retail.

CC: Mutual organizations have something called a POS system (point of sale system). Retailers want to try to have customers touch that retailer at multiple points within their facility. One of the touch points of that POS is that you can take the information and connect your data with end consumer data from different social media channels. The key is matching that data with your POS data, which is your own corporation data, and then taking that information as an individual walks into a store. That takes the information and brings it to the register, and that register allows them to say, “You, Mr. Carter, were tweeting about Columbia gear and had to go shopping for Columbia gear. Did you find the Columbia gear you were looking for? If not, did you know we also have a sale on Columbia gear in the men’s department?” I may then say, “I completely forgot about that. Where is your men’s department? I need to get a new Columbia jacket and some new ski gloves for this year.”

This segment is part 4 in the series : Thought Leaders in Big Data: Interview with Chris Carter, CEO of Approyo
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