Center of Excellence in Business Analytics

Financial Services

Business Analytics in Financial Services

As the global economic downturn develop into recovery, financial services companies tend in-depth awareness to solve critical business issues, reduce risk, and increase growth. By applying advanced analytics to capture and understand their data, companies in the banking and securities, insurance, and investment sectors can leverage their data to build stronger. In doing so, they can make more energetic decisions that deliver customer value.

While analytics isn’t exactly new to the world of banking, more banks are gearing up for their next big analytics push, drove by a load of data and new, modern tools and technologies. Business analytics jumped to the top of the priority list for banks. Why? Pick a reason- Managing risk, changing business models, regulatory reform, expansion into new markets, a renewed focus on customer profitability: Any one of these are reason for today’s analytics capabilities can offer for many banks to reconsider. A host of significant, recent changes in the banking industry have resulted in a long list of business challenges that the practice of business analytics may be positioned to address.

Tax Collection Optimization for the State of New York

The New York State Department of Taxation and Finance (DTF) collects over $1 billion annually in estimated assessed delinquent taxes. The goal of DTF’s Collections and Civil Enforcement Division is to increase collections. In a synergetic work, NYS DTF, IBM Research, and IBM Global Business Services developed a novel tax collection optimization solution. The operational research-based solution combines data analytics and optimization using the consolidating framework. The system became operational in December 2009; from 2009 to 2010, New York State increased its collections from unpaid revenue by $83 million using the same set of resources.

Sample Articles Published in Interfaces by INFORMS (PDF files)

Branch Reconfiguration Practice Through Operations Research in Industrial and Commercial Bank of China 

Maximizing the U.S. Army's Future Contribution to Global Security Using the Capability Portfolio Analysis Tool (CPAT)

Optimizing Capital Investment Decisions at Intel Corporation

Tax Collections Optimization for New York State