giniPredict: The big future for small businesses

By
Ray Wyand
on
Mar 31, 2021

Introducing giniPredict: An AI-powered financial planning platform that makes it easy for small businesses to get answers from their data and adapt smarter.

The Gini coefficient is an economic measure of inequality. When we look at the world of business, we see an unequal distribution of technology — specifically, data technology. 

Every company has data, but to use it for strategic decision-making, you need the right technology. Not only to collect and manage the data, but to analyse it and pull insights from it. Once you have the right tools, there’s no limit to what you can achieve.

But this kind of technology is currently the preserve of the world’s largest corporations — the ones with massive budgets and teams of data specialists. And the rapid rate of technology development is fueling inequality further, making highly skilled people more productive and the tech giants more powerful, and leaving the rest behind.

So, we see retail giants like Amazon using predictive analytics to tailor product suggestions that generate at least 35% of their revenue effortlessly, while small and medium businesses are left to figure things out manually.

Without access to this technology, SMEs are constantly fighting an uphill battle to win.

We intend to change that.

The quest to democratise predictive analytics technology

We’ve set out to democratise access to one of the most valuable subsets of data technology: predictive analytics. 

Predictive analytics uses advanced machine learning and AI modeling to analyse past behaviour and predict future behaviour. And it has very exciting applications in business. 

Currently, massive corporations around the world are using it to further dominate the market.

Digital marketers are using it to target the right person with the right message, converting leads and reducing churn rates. Retailers are using it to predict pricing trends and optimise their prices. And business owners are using it to track finances and predict cash gaps — and so avoid one of the main causes of business failure: poor financial management.

In essence, predictive analytics has the power to supercharge any company’s efficiency, agility and effectiveness. It is the cornerstone of successful strategic planning.  

And we think it’s unfair that smaller companies who can’t afford teams of data specialists, are left out. We think it is vital for them to have access to this technology because they have limited resources, i.e. every penny counts.

We want to see what small businesses can achieve when armed with this technology. Think of all the wasted hours, the misspent money and the undue stress that this technology can prevent.  

And think of what’s possible!

Introducing giniPredict

I am very proud to announce the launch of giniPredict: an AI-powered financial planning platform for the world's small businesses.

After months of development and countless iterations, we’ve finally achieved our goal of making an AI predictive analytics tool both easy to use and affordable.

To start, we’ve focused on solving the most fundamental challenge most businesses face: financial planning.

giniPredict is designed to help business owners and managers use their data to make more informed decisions about where and how to spend their money. 

  • The giniPredict Financial Dashboard performs AI predictive analytics on your accounting data, giving you full clarity on where the health of your company is at now and where it’s headed next — at all times.
  • The giniPredict forecasting add-on makes it easy for anyone to run AI-powered forecasts on any time series data, getting 50% more accurate results, 100 times faster than doing it manually.
  • Currently, both tools sync directly with Xero, cutting out the hours of tedious data prep and freeing up time to focus on strategic decision-making. We’ll be adding integrations to more software systems soon.

The answers that take most businesses anything from days to weeks to figure out, giniPredict provides in minutes.

And we’re absolutely thrilled to introduce it to you.

We can’t wait to see what you achieve, with giniPredict helping you get answers from your data faster.

We can’t wait to see what radical discoveries you’ll make about your business.

We can’t wait to see you punch above your weight in the market, navigate fast-changing environments with speed, and who knows, even thrive in the midst of a pandemic.

Go ahead and get started. 

It’s free.


Contact us
Case study

giniPredict: The big future for small businesses

Case study

giniPredict: The big future for small businesses

The results
A major international bank found gini to be the most efficient data enrichment provider for its digital banking upgrade initiative.

In a pilot project with gini, the bank ran 50,000 transactions through our data enrichment engine.  Within 72 hours, gini had enriched 95.7% credit card transactions and 92.7% EPS transactions. 

“We were surprised just how fast gini’s enrichment capabilities are. What we expected to take 3 weeks took them only 3 days,” said the bank’s Head of Innovation and Strategy. “On top of that, they even enriched EPS transactions, which no other provider has achieved.”
Credit card
transactions enriched
EPS
transactions enriched
The results
gini introduced a successful Savings Goal feature in our PFM app that was adopted by 60% of users within 30 days of launching.
 
Our users engage with the Savings Goal feature an average of 7.4 times a month, which when compared to the once-a-month engagement of most banking apps, is a testament to its value. 

And the reviews were overwhelmingly positive, with comments such as, “Congrats on the release of the saving function, it’s very helpful and motivates me to save more!” and “Makes saving and budgeting a lot easier.”

Makes saving and budgeting a lot easier.
The challenge
Our research showed that users wanted a savings feature that automates their budgeting calculations, and shows how much they have left to spend after putting their savings aside every month.

However, no PFM apps in Hong Kong had a feature like this because it requires complicated algorithms and enriched transaction data. Without merchant names for example, it’s difficult to label recurring transactions accurately, and give the user a clear, comprehensive overview of their finances.

The solution
With data automatically enriched by our machine learning models, gini was able to build a fully functioning Saving Goals feature that resonated with users and increased engagement.

The new feature automatically calculates a monthly OK to Spend amount by subtracting the user’s total monthly expenses (past and upcoming) and Savings Goal from their total monthly income. It also has a traffic light system that warns users when it’s time to reign in their spending.

None of this was possible without first enriching the transaction data with accurate merchant names and categories.
The challenge
A recent digital banking survey showed low levels of satisfaction, with 87% of customers finding it hard to understand their transaction feeds.
My current spending history is confusing. I want to see the ACTUAL shop name.
To address this — and reduce queries — the bank planned to first replace standard transaction codes with clear merchant names and categories throughout its digital banking services. And then to increase loyalty with a personal finance app, built on the foundation of enriched data. 

However, developing the technology to transform such large volumes of transaction data was proving to be a Herculean task — one that would take years. So they looked for an external provider to help clean, structure and enrich the data accurately and quickly.

The solution
Impressed by the quality and speed of gini’s enrichment engine in the pilot project, the bank plans to integrate our scalable software into their own systems to allow for real-time data processing and enrichment. The best part is, gini’s technology is easily accessible as a SaaS solution on AWS Marketplace, avoiding the need for lengthy tech stack integration processes.

Soon, the bank’s entire customer base will have their transaction feeds transformed from confusing codes to recognisable merchant names, logos and categories. This is predicted to have a significantly positive impact on NPS scores.

Equipped with enriched data, the bank’s development team will then be able to build a competitive personal finance app with much richer features than otherwise possible.
Contact us to find out more about our digital banking data solutions
Contact us
Find out how data enrichment can help you build better PFM features
Contact us

Open banking in 2020: Are you ready?

Open banking is primed to become the new norm in Asia Pacific. But, as our research report shows, the majority of bankers in the region are not sufficiently prepared for what’s coming.

It’s time to get smart on what open banking is and how it’s expected to impact the market this year. 
gini's original research report on open banking in Asia Pacific for 2020
Download the research report
Download the open Banking 2020 research report by gini
We interviewed more than 300 finance and technology thought leaders across Asia on the industry’s readiness for open banking this year, with surprising results. 
Download our Open Banking 2020 research report to find out: 

The opportunities in store for all participants
The barriers to adoption
Who is expected to benefit most 
How institutions can generate revenue from open APIs
And more

giniPredict: The big future for small businesses

By
Ray Wyand
on
Mar 31, 2021

The Gini coefficient is an economic measure of inequality. When we look at the world of business, we see an unequal distribution of technology — specifically, data technology. 

Every company has data, but to use it for strategic decision-making, you need the right technology. Not only to collect and manage the data, but to analyse it and pull insights from it. Once you have the right tools, there’s no limit to what you can achieve.

But this kind of technology is currently the preserve of the world’s largest corporations — the ones with massive budgets and teams of data specialists. And the rapid rate of technology development is fueling inequality further, making highly skilled people more productive and the tech giants more powerful, and leaving the rest behind.

So, we see retail giants like Amazon using predictive analytics to tailor product suggestions that generate at least 35% of their revenue effortlessly, while small and medium businesses are left to figure things out manually.

Without access to this technology, SMEs are constantly fighting an uphill battle to win.

We intend to change that.

The quest to democratise predictive analytics technology

We’ve set out to democratise access to one of the most valuable subsets of data technology: predictive analytics. 

Predictive analytics uses advanced machine learning and AI modeling to analyse past behaviour and predict future behaviour. And it has very exciting applications in business. 

Currently, massive corporations around the world are using it to further dominate the market.

Digital marketers are using it to target the right person with the right message, converting leads and reducing churn rates. Retailers are using it to predict pricing trends and optimise their prices. And business owners are using it to track finances and predict cash gaps — and so avoid one of the main causes of business failure: poor financial management.

In essence, predictive analytics has the power to supercharge any company’s efficiency, agility and effectiveness. It is the cornerstone of successful strategic planning.  

And we think it’s unfair that smaller companies who can’t afford teams of data specialists, are left out. We think it is vital for them to have access to this technology because they have limited resources, i.e. every penny counts.

We want to see what small businesses can achieve when armed with this technology. Think of all the wasted hours, the misspent money and the undue stress that this technology can prevent.  

And think of what’s possible!

Introducing giniPredict

I am very proud to announce the launch of giniPredict: an AI-powered financial planning platform for the world's small businesses.

After months of development and countless iterations, we’ve finally achieved our goal of making an AI predictive analytics tool both easy to use and affordable.

To start, we’ve focused on solving the most fundamental challenge most businesses face: financial planning.

giniPredict is designed to help business owners and managers use their data to make more informed decisions about where and how to spend their money. 

  • The giniPredict Financial Dashboard performs AI predictive analytics on your accounting data, giving you full clarity on where the health of your company is at now and where it’s headed next — at all times.
  • The giniPredict forecasting add-on makes it easy for anyone to run AI-powered forecasts on any time series data, getting 50% more accurate results, 100 times faster than doing it manually.
  • Currently, both tools sync directly with Xero, cutting out the hours of tedious data prep and freeing up time to focus on strategic decision-making. We’ll be adding integrations to more software systems soon.

The answers that take most businesses anything from days to weeks to figure out, giniPredict provides in minutes.

And we’re absolutely thrilled to introduce it to you.

We can’t wait to see what you achieve, with giniPredict helping you get answers from your data faster.

We can’t wait to see what radical discoveries you’ll make about your business.

We can’t wait to see you punch above your weight in the market, navigate fast-changing environments with speed, and who knows, even thrive in the midst of a pandemic.

Go ahead and get started. 

It’s free.


Contact us

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