Keeping an eye on the competition in banking

Context & Objectives

A leading bank in Belgium was looking for a way to be more reactive in its pricing strategy. Their goal was to make sure they were always in-market and react swiftly to any change or promotion made by competitors. Their manual approach no longer fit their needs; they wanted to monitor more efficiently the rates and tariffs applied by its competitors.

Approach

We started by defining with our client the products’ selection and conditions that would fit within the scope of the project.

We then deployed web scraping techniques to automatically gather rates and tariff data from various public websites. We then automated this validated procedure to run once a week.

Finally, we incorporated the data obtained in an Excel file, complete with dashboard that would automatically refresh after each run to follow various KPI’s.

Results

In less than two weeks, we managed to deliver the following results:

  • Considerable time savings: our tool drastically diminished the processing time needed to record the competitors’ information

  • New, more relevant indicators: moving to a web scraping method allowed to multiply the data sources used, but also to collect the rates applied, instead of the rates announced. This resulted in a quality increase of the obtained information

  • Significant cost reductions: With a monitoring now fully automated, our client was able to save up about 2 full days of manual work each month, leading to an annual 12% efficiency gain