Cortal Consors Turns to TIBCO Spotfire Analytics Platform for Real-time Decision Support
Europe’s Leading Direct Bank Uses Interactive, Visual Analysis Platform to Identify Customer Behavior and Market Opportunities in Challenging Times
TIBCO Software Inc. has announced that Cortal Consors (www.cortalconsors.com), one of the leading direct banks for private investing and online trading in Europe, uses the TIBCO Spotfire® Analytics Platform to collate, analyze, and meaningfully visualize customer and market data. As a result, Cortal Consors has been able to gain access to new markets and identify trends with unprecedented speed and flexibility.
Through its highly interactive and visual analysis platform that can integrate information from across various specialized customer database systems, TIBCO Spotfire® has become an important component within Cortal Consors’ “Circle of Intelligence” – a business intelligence (BI) framework of technology solutions that supports decision making.
“Our operations department was thrilled to incorporate TIBCO Spotfire, as it empowers users to intuitively explore data to make real-time decisions, rather than rely on complex tables or traditional, static BI reports that require more analysis,” said Jörg Neumann, manager of Customer Intelligence at Cortal Consors. “That’s the big advantage of TIBCO Spotfire, data suddenly comes to life and you can view it from all angles.”
With a comprehensive portfolio of products and a broad spectrum of services, the Cortal Consors direct bank oversees more than a million customers via its diverse sales channels. In order to optimally solicit and advise its customers according to their specific needs, the bank relies on its “Circle of Intelligence” framework to stay competitive and gain strategic insight into customer and market data.
This strategy has proven highly successful, especially during the current financial crisis where the ability to deliver real-time decision-support based on up-to-the-minute information has enabled Cortal Consors to respond quickly to fluctuations in the market and investor behavior. To this end, the TIBCO Spotfire Analytics Platform has been invaluable, providing its brokers, sales and operations personnel with a user-friendly, visual interface that can easily explore and evaluate changing market and customer data on-demand—such as in the course of a meeting.
TIBCO Spotfire Empowers All Types of Users
Initially, only Cortal Consors’ management team was using TIBCO Spotfire to gain insight into business metrics. But soon their success took on a viral nature and other customer-facing departments, such as sales, wealth management, and marketing, began analyzing their data with Spotfire®.
The real-time aspect is a significant advantage for the bank. As soon as raw data is available, Spotfire can evaluate it under different sets of hypotheses that, according to Neumann, bring unexpected discoveries to light.
“In the past, data from customer campaigns had to be laboriously evaluated by the data warehouse, but now we can immediately analyze our activities,” added Neumann. “This saves time, reduces our expenses and quickly provides us with the relevant facts so we can quickly plan next steps. Now our campaigns perfectly conform to the market’s expectations and enable us to acquire promising customer segments.”
“Cortal Consors is a great example of the pervasive nature of our platform, where users from across the organization immediately see the value of real-time, exploratory analysis to gain insight into market trends or reveal a business opportunity they might have missed otherwise,” said Mark Lorion, vice president of marketing for Spotfire, TIBCO Software Inc. “New insights come from people, anywhere in the organization, freely asking questions and getting answers. Empowering everyone with the analytic tools they need do their jobs better, faster and more efficiently is how organizations will remain competitive. Companies like Cortal Consors are proving this to be an important reality and a core part of their business model.”