Lloyds TSB is the latest major financial organisation to choose data mining automation technology from KXEN, deploying the solution across a 40-strong team to improve the speed, productivity and capability of its internal analytics resource.
Adopting KXEN's Analytic Framework after an extensive six-month evaluation the bank has been able to bring previously outsourced work back in house, has seen modeling timescales slashed from days or weeks to just a few hours and has freed up staff time to take on extra work.
"It has been an invaluable addition to our analytic toolkit and we've already realised significant benefits and raised the bar on our productivity," said the bank's head of value solutions, Simon Samuel. "Since deploying KXEN we have significantly extended our modeling capability and have been able to involve more of the analytical team in advanced activities."
KXEN's technology is used in several applications at the bank including marketing segmentation and incremental response modeling. According to Samuel it is very easy to use and has been welcomed by the analytic team. "It is perfect for the analysts because it's quick and easy. It has become a standard part of our database toolkit."
But probably more than anything else it is the speed of KXEN that has impressed the most. "Two to three week timescales to turn round models and analysis are no longer acceptable within the current environment and with KXEN we're now doing in hours what used to take days, said Samuel. "KXEN has enabled us to differentiate our modeling resource to increase both the breadth and depth of our capability."
Welcoming the Lloyds TSB deal, KXEN's founder and CEO Roger Haddad said: "At KXEN we're very proud to have been selected by Lloyds TSB and delighted by the bank's degree of acceptance of our technology."
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