Omer Sohail

In a business climate driven by powerful digital forces, disruption, and rapid-fire innovation, every company is now a technology company. Whereas technology was traditionally confined largely to operations and execution, its digital expression now informs all aspects of business, from ideation to delivery. We witness daily how it drives product design, upends venerable business models, and rewires competition.

It is the era of the empowered customer. Consumer complaint compliance has forced banks to respond more rapidly to innovations, leverage analytics to meet shareholder growth demands, and manage balance sheets amidst rising interest rates. Learn more about strong consumer complaints management program processes and components. Then, dive deeper into the best practices of banks, who have derived value from integrating compliance data, processes, and advanced analytics to enhance customer… Show more

It is the era of the empowered customer. Consumer complaint compliance has forced banks to respond more rapidly to innovations, leverage analytics to meet shareholder growth demands, and manage balance sheets amidst rising interest rates. Learn more about strong consumer complaints management program processes and components. Then, dive deeper into the best practices of banks, who have derived value from integrating compliance data, processes, and advanced analytics to enhance customer transformation initiatives. Highlights include:
Use of text mining and building statistical models to respond to cross-channel customer complaints and identify the opportunities that can lead to improving product / service offerings and reduce compliance review efforts
Tailor the complaint taxonomy in response to regulation citations. Learn how this process can lead to improved efficiency in identifying the root cause, and identify the customer impact of recommendations
Use complaints data to improve predictive analytics models across the end-to-end customer lifecycle, and conversely, use date for cross sell and lifetime value models to help define fair complaint resolutions that align with future customer value

The discussion builds on topics presented by Omer Sohail and Lloyd Wirshba at the 2013 American Banker Analytics Symposium.
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Today’s economics are driving a marriage of abundant mathematical knowledge with new technologies to evolve business processes through the application of diverse data sources (and in some cases, revolutionize them entirely.) This perfect storm is Big Data and Analytics, and many companies have already been enlightened to the staggering benefits of its adoption and compelled to purge the obsolete from their business processes. In this talk, we will cover the fundamental concepts of Big Data and… Show more

Today’s economics are driving a marriage of abundant mathematical knowledge with new technologies to evolve business processes through the application of diverse data sources (and in some cases, revolutionize them entirely.) This perfect storm is Big Data and Analytics, and many companies have already been enlightened to the staggering benefits of its adoption and compelled to purge the obsolete from their business processes. In this talk, we will cover the fundamental concepts of Big Data and Analytics for the financial industry and provide a bearing for companies to follow out of the darkness. Show less

Deposits form the foundation of most financial institutions’ operations. Not only are they the lead product for most consumer and many small business relationships, but they can also deliver significant profits in themselves — given the appropriate focus and management.

Realizing those profits can often be a challenge, though. The scale of the largest competitors has grown, especially with recent industry consolidation. Additionally, new entrants have and likely will continue to enter… Show more

Deposits form the foundation of most financial institutions’ operations. Not only are they the lead product for most consumer and many small business relationships, but they can also deliver significant profits in themselves — given the appropriate focus and management.

Realizing those profits can often be a challenge, though. The scale of the largest competitors has grown, especially with recent industry consolidation. Additionally, new entrants have and likely will continue to enter the market. The proliferation of deposit-taking institutions and the increasing commoditization of products is eroding customer loyalty. And the emergence of online business models has created a challenging operating environment in which controlling costs and extracting value are more important than ever. These factors mean that growing and retaining deposits organically and improving profitability are ever increasing challenges.

Fortunately, you don’t have to fight the battle blind. Advanced analytics — powerful probabilistic and statistical techniques that extract business insights from complex customer, operational, and marketplace data — can help you better understand what drives margins and customer satisfaction in your deposit business and develop an integrated strategy for improving profitability.

For more information on how Deloitte can help your business in its efforts to achieve tangible bottom-line benefits quickly, download the PDF. Show less

Banks are increasingly embracing big data and analytics, serving as a bellwether for consumer-facing industries eager to create a single view of each customer.

Nobody knows data the way banks do.

For years, financial institutions have collected reams of information on their customers: the transactions, account activity, loan portfolios and credit card balances that are their lifeblood. And they convert much of this data into monthly, quarterly and annual reports for use by their… Show more

Banks are increasingly embracing big data and analytics, serving as a bellwether for consumer-facing industries eager to create a single view of each customer.

Nobody knows data the way banks do.

For years, financial institutions have collected reams of information on their customers: the transactions, account activity, loan portfolios and credit card balances that are their lifeblood. And they convert much of this data into monthly, quarterly and annual reports for use by their customers, risk managers and auditors.

- See more at: http://www.baselinemag.com/analytics-big-data/banking-on-big-data-and-analytics.html#sthash.adtZT93O.dpuf Show less

Learn how banks and credit unions can leverage the CFPB database to identify emerging issues and avoid regulatory risk, attrition and fines. Speakers in this one hour web seminar will discuss what insights can be gleaned and how banks can take proactive steps to avoid those same complaints. Register now >>

Join American Banker and Bank Technology News next week and hear industry experts discuss:

High-level trends unearthed in examining the CFPB complaints database
How… Show more

Learn how banks and credit unions can leverage the CFPB database to identify emerging issues and avoid regulatory risk, attrition and fines. Speakers in this one hour web seminar will discuss what insights can be gleaned and how banks can take proactive steps to avoid those same complaints. Register now >>

Join American Banker and Bank Technology News next week and hear industry experts discuss:

High-level trends unearthed in examining the CFPB complaints database
How banks are reacting to, or even taking pre-emptive action to forestall complaints
What trends in complaint data might mean for bank exams and the CFPB's next area of focus
More than 175,000 complaints have been received since the Consumer Financial Protection Bureau (CFPB) began accepting them two years ago. And the CFPB isn't coy about the fact that it analyzes the data to determine which parts of banking it'll focus on next when it comes to exams and regulatory action. This is a must-attend web seminar on how financial institutions can leverage the database. Show less

Big data technologies can integrate and analyze call center data streams to improve compliance and customer experience processes. Voice analytics technology can detect emotions, keywords, topics, and trends for use within business analytics. Combining all this the information, in near real time, with structured customer demographics and product data can help:
• Ensure product marketing and disclosures comply with CFPB requirements
• Categorize consumer complaints consistently
•… Show more

Big data technologies can integrate and analyze call center data streams to improve compliance and customer experience processes. Voice analytics technology can detect emotions, keywords, topics, and trends for use within business analytics. Combining all this the information, in near real time, with structured customer demographics and product data can help:
• Ensure product marketing and disclosures comply with CFPB requirements
• Categorize consumer complaints consistently
• Identify emerging issues to proactively respond to product/campaign issues
• Predict repeat callers and complaint escalation Show less

How do we detect fraud more quickly? Why are we losing customers? Which is the next best product to offer? The answers to these questions and more are in reach. But for financial services companies they are hiding in a mountain of data. Analytics can help.

Bankers realize the importance of using Big Data to make better decisions, but few have the technology and internal talent to make the most of their information stores, a survey has found.

The first problem: most bankers surveyed characterize the quality of data in their organization as either "adequate" (30%) or "un-integrated" (27). A smaller group chose "good" (24%) or "excellent" (18%).

This doesn't mean there's a shortage of data in banks. "Banks always have had a lot of data… Show more

Bankers realize the importance of using Big Data to make better decisions, but few have the technology and internal talent to make the most of their information stores, a survey has found.

The first problem: most bankers surveyed characterize the quality of data in their organization as either "adequate" (30%) or "un-integrated" (27). A smaller group chose "good" (24%) or "excellent" (18%).

This doesn't mean there's a shortage of data in banks. "Banks always have had a lot of data and they collect a lot of data," says Omer Sohail, principal, Deloitte Consulting. "The issue has been not leveraging all this data. More than 70% feel like they're not leveraging the data to the best of their ability." The consulting firm queried c-suite and senior executives at 33 banks, most of which have more than $1 billion in assets.....
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Powerful industry trends are putting analytics at the top of the banking agenda. While advances in technology are increasing the amount of data organizations can collect, forces such as regulatory reform, systemic risk and customer analytics are increasing the importance of turning that data into insight — and ultimately better business decisions.

In the latest episode of Deloitte Insights,Moderator Sean O'Grady speaks with Deloitte Consulting LLP's Brian Johnston, principal, and Omer… Show more

Powerful industry trends are putting analytics at the top of the banking agenda. While advances in technology are increasing the amount of data organizations can collect, forces such as regulatory reform, systemic risk and customer analytics are increasing the importance of turning that data into insight — and ultimately better business decisions.

In the latest episode of Deloitte Insights,Moderator Sean O'Grady speaks with Deloitte Consulting LLP's Brian Johnston, principal, and Omer Sohail, director, discuss how organizations in the banking industry can find growth through the application of business analytics Show less

The banking sector is rife with change and uncertainty. How will changes in banking laws and regulations affect profitability? What should be the framework of stress scenarios, including specific regulatory scenarios and guidelines? What is needed to correctly measure each business line’s different risk characteristics (e.g. loans, CDO securities, structured products, derivatives)? Where can we more effectively apply better customer models to reduce losses and focus growth? These questions are… Show more

The banking sector is rife with change and uncertainty. How will changes in banking laws and regulations affect profitability? What should be the framework of stress scenarios, including specific regulatory scenarios and guidelines? What is needed to correctly measure each business line’s different risk characteristics (e.g. loans, CDO securities, structured products, derivatives)? Where can we more effectively apply better customer models to reduce losses and focus growth? These questions are fraught with ambiguity and there are no easy answers.... Show less

How well do you know your customers? Ask that question of leaders at most banks, and they’ll likely answer “pretty well, thanks.” But is that enough? Not these days — at least not for banks looking to stay a step ahead of the competition. Customer behavior and preferences are changing at a more rapid clip than at any moment in recent history propelled by changes in technology and the economic environment. Banks that have built their organizations with a product-oriented focus (“if we build it… Show more

How well do you know your customers? Ask that question of leaders at most banks, and they’ll likely answer “pretty well, thanks.” But is that enough? Not these days — at least not for banks looking to stay a step ahead of the competition. Customer behavior and preferences are changing at a more rapid clip than at any moment in recent history propelled by changes in technology and the economic environment. Banks that have built their organizations with a product-oriented focus (“if we build it, they will come”) should consider shifting to a more customer-centric footing in order to stay competitive. One way to effectively make that transition is to cultivate the seemingly mythical 360-degree view of the customer — one that accounts for their current value as well as their potential lifetime value...

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I am a mathematician at heart and really enjoy applying this kind of rigour when approaching real world client problems. My background is in software engineering and innovation in the financial services and telecommunications sectors, and I ‘cut my teeth’ solving client information architecture problems. So Analytics was a next logical career step for me.

Analytics tools and resources allow practitioners to provide client solutions that go beyond the obvious answers to deliver real… Show more

I am a mathematician at heart and really enjoy applying this kind of rigour when approaching real world client problems. My background is in software engineering and innovation in the financial services and telecommunications sectors, and I ‘cut my teeth’ solving client information architecture problems. So Analytics was a next logical career step for me.

Analytics tools and resources allow practitioners to provide client solutions that go beyond the obvious answers to deliver real insights – and that is a very satisfying challenge. When I was invited to join Deloitte Consulting LLP in the U.S, I had been leading global practices in the professional services field for a number of years. I jumped at the opportunity, because Deloitte has such a good reputation in the global analytics space. I currently lead the Deloitte U.S. Analytics and Information Management practice for the Financial Services sector, and globally for Banking & Securities.

One of my most memorable projects with Deloitte U.S. was the deployment of a national customer facing branch and banking system for a ‘top three’ banking client that was a leading web and mobility solution. Our team improved customer automation issues; helped the bank to better understand customer behaviour; and revealed insight into opportunities in customer and account servicing, with increased performance in retention. One of the most fulfilling aspects of this project has been the great long-term relationships that have developed between Deloitte U.S. team members and client colleagues. Show less

Evaluating first-time defaulters from the inside out - Intelligent segmentation helps lenders identify and target new opportunities sheds light on the ways banks and other financial institutions can interact and utilize data analytics to identify and retain first-time defaulters in order to build profitable, long-term relationships...

Given the importance of talent and people in the financial services industry (FSI), it’s time to move beyond instinct, gut and tribal wisdom in making workforce decisions. If you’re not using workforce data and analytics to drive your talent decisions, you may be behind the curve — and at risk of losing your competitive edge. As HR works with FSI leaders on the front lines, analytics are becoming critical in making more effective decisions related to workforce planning and recruitment, risk… Show more

Given the importance of talent and people in the financial services industry (FSI), it’s time to move beyond instinct, gut and tribal wisdom in making workforce decisions. If you’re not using workforce data and analytics to drive your talent decisions, you may be behind the curve — and at risk of losing your competitive edge. As HR works with FSI leaders on the front lines, analytics are becoming critical in making more effective decisions related to workforce planning and recruitment, risk management, compensation, development programs and deploying critical talent...
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Managing regulatory risk is more important than ever for banks. Data integration across silos such as Risk and Finance may be the key to keeping risk in check by giving regulators the same red-carpet treatment top clients receive and in turn achieving competitive differentiation...

After years of growth through acquisitions, many banks now find themselves with numerous legacy information systems operating across the enterprise. Typically, these systems are siloed and feature multiple data stores, which present ongoing data integrity challenges. Worse yet, the data assets contained within these systems often have underlying descriptions and definitions that are wildly inconsistent, leading to redundancies and inefficiency.

After years of growth through acquisitions, many banks now find themselves with numerous legacy information systems operating across the enterprise. Typically, these systems are siloed and feature multiple data stores, which present ongoing data integrity challenges. Worse yet, the data assets contained within these systems often have underlying descriptions and definitions that are wildly inconsistent, leading to redundancies and inefficiency.

After years of growth through acquisitions, many banks now find themselves with numerous legacy information systems operating across the enterprise. Typically, these systems are siloed and feature multiple data stores, which present ongoing data integrity challenges. Worse yet, the data assets contained within these systems often have underlying descriptions and definitions that are wildly inconsistent, leading to redundancies and inefficiency.