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BUSINESS - Schwab Announces Patent Pending Data Analytics Algorithm

 

 

 

Schwab’s proprietary algorithm analyzes billions of pieces of client data in order to detect clients’ intent and automatically adapt to client-led changes in behavior and Schwab-led changes in the user experience. This enables Schwab to understand what clients attempt to do online and identify opportunities to improve the client experience

 

SAN FRANCISCO, CA USA - (BUSINESS WIRE)

Thursday, November 12, 2020

Charles Schwab has developed a patent-pending algorithm designed to improve client experience and make investing more accessible. The algorithm was developed by a team of data scientists within Schwab’s Digital Services organization, which is responsible for leading the firm’s work to explore, develop and rapidly deploy innovations in digital technology that help deliver modern, easy-to-use experiences for current and future clients.

Schwab’s proprietary algorithm analyzes billions of pieces of client data in order to detect clients’ intent and automatically adapt to client-led changes in behavior and Schwab-led changes in the user experience. This enables Schwab to understand what clients attempt to do online and identify opportunities to improve the client experience. The ability to detect the client's intent in real-time now gives Schwab the ability to build more efficient and seamless client experiences.

These client behavior insights can also be used in other channels to serve clients faster and more personally, such as seamlessly connecting a call-in client to the right representative based upon what they have recently been researching online, saving the client time on the phone. Schwab expects to use the new algorithm to make a range of client activities more efficient. For example, if a client attempts to conduct a wire transfer online but then calls the Schwab service line, they can be immediately directed to the team that can help with that type of transaction by phone. Additionally, the algorithm surfaces the web pages and searches that are driving highest call volumes, enabling Schwab to pinpoint client roadblocks and make those experiences easier and more intuitive.

The patent-pending algorithm was developed by Schwab’s Data Analytics & Insights team led by Tony Cyriac, the firm’s new Chief Data & Analytics Officer who joined the firm in June 2020. Cyriac’s team is responsible for leveraging data, analytics, and research to drive growth and improve the client experience across all business units at Schwab.

In discussing the development of the new algorithm, Cyriac says, “We are proud of the focus and progress we are making to put data to work to improve our clients’ experiences and anticipate their needs. In order to serve our clients holistically across business lines and channels, we must analyze their journey in the same manner in which they live it: they experience Schwab as a single entity regardless of whether they are trading, opening a brokerage account or resetting a pin on their debit card. Our goal is to meet clients where they are and help them accomplish what they need to do as quickly and seamlessly as possible.” I

n addition, The International Institute for Analytics (IIA), the leading independent analytics and data science research and advisory firm, has awarded Schwab with the 2020 Award for Excellence in Analytics (ANNY) for Schwab’s cross-channel analytics initiative, which leverages this patent-pending algorithm. The award evaluates impact of a range of analytics projects based on outcomes, ambition, scale, skills, and insights, recognizing firms that bring clarity and precision to critical business decision-making.

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