Success Story Financial Services

Financial Advisor Gets Retirement Benefits Calculator to Predict Over 30 Years Ahead

Predictive analytics for financial institutions

The use of predictive analytics in mimicking real-life scenarios has far-reaching implications on decision-making and business growth.

With the vast amount of data available now thanks to digital banking, online investment, etc., predictive analytics helps financial institutions streamline their offerings and target the right customers with tailored plans. The customer, an online financial investment advisor, wanted to implement data science methods to predict plan outcomes, generate automated reports, and uncover opportunities for growth.

the Results

Key Outcomes

The predictive analysis-based solution was tailor-made to deliver specific benefits for the customer, including:

Accurate prediction of the  success & failure
Accurate prediction of the  success & failure of their retirement plans over a period of 30 years ahead

Mobile Testing
Additional cross-sell & upsell opportunities

The challenge
the key areas

After analyzing the customer’s needs from the project, we recognized a few challenges.

Feasibility Calculators

Feasibility Calculators Lack of feasibility calculators based on fixed desired post-tax annual income, adjusted for inflation

Denial Filing Process Automation

Automated Reports Need for an automated report based on the different scenarios its end users may experience

Desktop Automation

Analyzing Income Data Inability to analyze income data from different income sources

Web Automation

Retirement Plan Visibility Lack of visibility into retirement plan viability

The Solution

4 key areas

Apexon leveraged our capabilities in data science and predictive analytics to formulate a customized solution that can:

Monte Carlo Simulation

Monte Carlo Simulation

Evaluate the plan using the Monte Carlo Simulation technique for most optimal number of simulations

Denial Filing Process Automation

R Markdown Report

Generate an R Markdown report based on the scenarios picked by the end client

Evaluating Income & Fulfilment

Evaluating Income & Fulfilment

Evaluate the annual retirement desired income and fulfilment for 30 years

Web Automation

Financial retirement plan

Model the financial retirement plan in R