AWS Only
Monese (XYB) data-driven platform for personalised banking solutions
Monese XYB is a strategic initiative by Monese, aimed at offering Banking-as-a-Service (BaaS) solutions through a partnership with the BaaS platform provider, XYB. This collaboration allows Monese to extend its banking capabilities by providing other businesses, such as fintechs and non-banking entities, with the ability to offer their own branded financial services.
AWS ONLY ·
Monese (XYB) data-driven platform for personalised banking solutions
Monese XYB is a strategic initiative by Monese, aimed at offering Banking-as-a-Service (BaaS) solutions through a partnership with the BaaS platform provider, XYB. This collaboration allows Monese to extend its banking capabilities by providing other businesses, such as fintechs and non-banking entities, with the ability to offer their own branded financial services.
At a glance
Monese needed a way to harness customer data to create personalised banking products that would better meet user needs and increase engagement. To address this challenge, Firemind developed a data-driven platform that extracts, analyses, and visualises customer transaction data, providing actionable insights and predictive models. This platform empowers Monese’s product owners to design and deploy tailored banking solutions more effectively.
Challenge
Monese needed to leverage customer data to create personalised banking products that would effectively meet user needs.
Solution
Firemind developed a data-driven platform for Monese that extracts and analyses customer transaction data, providing actionable insights and predictive models to help design and deploy tailored banking products.
Services Used
Amazon Bedrock
AWS Lambda
Amazon Athena
AWS Glue
Outcomes
Enhanced product personalisation: The data-driven platform enabled Monese to gain deeper insights into customer behaviour.
Product development efficiency: Monese's product owners were able to streamline the process of designing and validating new products.
Business challenges
Leveraging data to create personalised banking products efficiently
Monese, a digital banking platform, faced the challenge of leveraging vast amounts of customer data to create personalised banking products that would resonate with their diverse user base. With a growing customer base and increasing competition in the fintech sector, Monese needed to offer products that were not only innovative but also closely aligned with the needs and preferences of their customers. However, their existing approach lacked the data-driven insights required to accurately predict and cater to customer preferences, leading to a gap in their product offerings.
Additionally, Monese’s product owners struggled to efficiently design and validate new products. The process of identifying which features or combinations of features would be most appealing to their customers was time-consuming and often based on assumptions rather than concrete data. This inefficiency not only delayed the launch of new products but also increased the risk of low adoption rates.
Monese needed a solution that could streamline this process, providing them with actionable insights and enabling them to develop products that were more likely to succeed in the market.
“I think the work that Firemind has done has been brilliant and it just continued to improve with each iteration. I love that even just at first glance, you could tell there was an improvement in quality.”
Jonathan Hummel, VP of Engineering — Calm
Solution
Data-driven platform for personalised banking product development
To address Monese’s challenge of creating personalised banking products, Firemind developed a comprehensive data-driven platform. This platform was designed to extract, analyse, and leverage customer transaction data, providing deep insights into customer behaviour and preferences. By accessing Monese’s data warehouse and utilising a sandbox AWS environment, Firemind’s solution enabled the extraction of key insights that could be used to predict and categorise banking products tailored to customer needs.
Central to this solution was the use of several AWS services, including Amazon S3 for secure data storage, AWS Glue for data cataloguing and schema creation, and Amazon SageMaker for training and deploying predictive models. These models provided actionable insights that Monese’s product owners could use to design products with a higher likelihood of success. The results of these analyses were visualised using Amazon QuickSight, allowing Monese’s leadership team to easily interpret the data and make informed decisions.
Additionally, Firemind created a visual Proof of Concept (POC) using Adobe XD, which showcased how the insights gained from the data could be applied to develop new banking products. This POC included wireframes that demonstrated potential user interfaces, aligned with Monese’s branding and design standards. By integrating these elements, the solution not only provided a clear path for developing personalised products but also streamlined the entire product development process, significantly reducing the time required to bring new products to market.
Improved product adoption
The data-driven insights generated by the platform allowed Monese to better align their product offerings with customer needs, resulting in noticeably higher engagement and adoption of new banking products. The tailored approach ensured that the products introduced were more relevant and appealing to their user base.
Accelerated development process
The streamlined data analysis and visualisation tools significantly reduced the time required for product development. Monese's product owners could quickly validate ideas and move from concept to market faster, enabling more efficient use of resources and quicker product launches.
Empowered data-driven decision making
The integration of advanced AWS services empowered Monese’s teams to make more informed, data-driven decisions. The project established a new level of confidence in utilising customer data to drive product innovation, setting a strong foundation for future growth and continued success.
Why Firemind
As a specialist AWS Partner, Firemind brought a wealth of experience in building scalable, data-driven platforms that can unlock valuable insights from customer data. Our ability to rapidly develop and deploy proof-of-concept solutions, coupled with a strong focus on personalised product development, made them the ideal partner to help Monese tackle the challenge of enhancing their product offerings.
Firemind’s collaborative approach and proven track record of delivering impactful, data-driven results were key factors in Monese’s decision to work with them.
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