We are excited to launch the beta version of our augmented intelligence platform, Bloom_One.
Bloom_One empowers financial institutions to be better informed about clients, market, performance, and opportunities in real-time to enable more data-driven, engaging, and meaningful client relationships.
Context
In 1978, The Times ran a famous slogan for their newspaper that read, “Have you ever wished you were better informed”.
Indeed, even in 2021, the slogan’s essence remains more valid than ever. As data & information have grown exponentially, financial institutions look at data, AI & insights to better inform their decisions and actions. Despite significant advancements in technology & data science, more than 80% of financial institutions’ data assets do not generate economic value for the firm.
So, we asked ourselves the question – how can data & insights inform your everyday performance, ideas, and actions? Almost like a Fitbit, but for financial services, client-focused teams! Bloom_One is our response to the question!
On the other end, mid to small-size firms cannot use existing BI technologies because they are pretty expensive to deploy and scale. Many don’t live to the promise. In our engagement with a boutique asset manager, we found that while they used 5-6 sales and marketing automation tools, they did not have the tools or data analysts to mine the data effectively from these tools.
So, we have a fundamental problem. Large firms struggle to scale existing technologies and integrate them into workflows for more straightforward consumption. In contrast, smaller firms do not even have a good starting point yet.
Why Bloom_One?
One of the first questions that may come up is – do financial institutions need another product in their data stack? In our view, the answer is yes! Let us explain why?
Modern decision making & its foundation.
An essential capability of digital financial firms is that decision-making will be data-driven, real-time, and event-centric. From a last-mile perspective, while some decisions will automate using machines, we expect more than 70% of decisions will continue to require human judgment & engagement. Financial firms, therefore, need a new data capability & process framework that provides seamless access to real-time intelligence to business users.
Bloom_One helps financial firms transition to such a modern decisioning framework by enabling the much-needed data capabilities. The potential top-line impact of this for financial firms can be between 5-30%.
Insights-driven economic value for an enterprise.
Insights to action are a key fulfillment area so that data can create the promised economic value for an enterprise. To accomplish this, we need to understand the “insight value” from a business user’s perspective, such as a sales, marketing, or product professional. At Bloom AI, we developed our interpretation of it:
Bloom_One is built with intuitive features that understand ‘insight value’ for business users and create alignment across teams to increase data-driven decision-making by 10x.
Insights are still hidden & fragmented for users.
In the past ten years, several investments have been made in tech, data, AI to gather and synthesize mountains of data in financial firms. More recently, many financial services firms have started their cloud journeys. There is also a significant advancement in data management capabilities. Despite this, the business users remain disconnected from data & insights as they are too complex, lack process systemization, or perceived unactionable. While the current BI/dashboard tools make data transparent to users, they lack many features required to enable real-time data-driven decision-making.
Bloom_One is a purpose-built augmented intelligence platform for business users that provides a seamless, scalable & flexible insights experience, thereby increasing teams’ effectiveness by 50%.
How is Bloom_One different?
Modern, highly scalable architecture.
Legacy architecture in financial firms is a reality. Many firms are investing in and developing modern tech stack; however, enterprise transformations take time. This should not require your business users to wait indefinitely to access the real insights needed to run the business today.
Bloom_One is designed as a cloud-first augmented intelligence platform that scales based on the business teams’ needs. The core architecture is loosely coupled, API-driven that allows for web-scale insights. It can integrate data from internal databases, external APIs, and other sources enabling business teams to use all the data that matters in one place.
Data sensing & storytelling abilities.
A key vision for Bloom_One is to become a decision support platform that business teams can use every day for data-driven outcomes. The platform’s beta version includes web-native visualization, a simple common language format to build and share insights digitally, and a machine learning engine (Bloom_Model) to offer enhanced data insights. Bloom_Model is in early stages and will include many relevant capabilities for business teams in the near future.
Empowering collaboration & integration, and not just a vertical box.
Having worked with business teams extensively, we understand that contextual insights are not derived from data only. Actionable insights comprise information assets in various forms. For example, campaign insights will consist of real time tracking of performance metrics as well as suggestions / ideas for sales team to follow-up with engaged clients. Bloom_One makes it very easy to diffuse all information in bite sized nuggets stitched together in one data story. This allows you to share the complete insight with the business team so that they spend less time interpreting it.
What’s next?
We are launching Bloom_One with early clients and would love to share our platform’s demo with you. Please write to us at info@bloomai.co or visit our website (bloomai.co) and request a demo. Learn more about our mission here.
