Connecticut's Largest Bank Selects Rapid Insight® Analytics to Grow Customer Base
Webster Bank Turns to Data Intelligence Solution to Better Understand Current & Future Customer Base
Conway, NH - May 9, 2006 - Rapid Insight Inc. (www.rapidinsightinc.com), a leading provider of data mining and predictive modeling software and solutions, today announced that Waterbury, CT based Webster Bank, a subsidiary of Webster Financial Corporation (NYSE:WBS), the largest independent bank headquartered in New England with nearly $18 billion in assets, has selected and implemented Rapid Insight® Analytics. The organization has enhanced their ability to understand customer behavior and buying patterns with the goal of using the information that is gained to refine their future marketing.
"With the banking industry becoming more and more competitive, it is increasingly important that we market ourselves in the most intelligent way possible," said John Menke, Senior Vice President of Database Marketing and Market Research for Webster Bank. "Rapid Insight Analytics is an easy to use solution that allows us quickly and easily to analyze our existing customer data. The knowledge gained using this solution helps to facilitate better and timelier decisions, uncovers new opportunities for growth, streamlines business processes and lowers costs."
Rapid Insight develops state-of-the-art analytic software that enables companies to thoroughly explore, visualize, and understand their data. Their flagship Rapid Insight® Analytics desktop software allows database marketing, telecommunications, financial services and insurance companies quickly and easily to analyze and predict their customer and prospect behavior. It automates significant portions of the data mining process, finding relationships in data and presenting them graphically. The company has also developed a data management tool for viewing, extracting, aggregating and merging data from any data source.
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.9 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 158 banking offices, 306 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank.
About Rapid Insight Inc.
Rapid Insight Inc. is a leading provider of business intelligence and automated predictive analytics software. With a focus on ease of use and efficiency, Rapid Insight products enable users to turn their raw data into actionable information. The company's analytic software simplifies the extraction and analysis of data, enabling clients ranging from small businesses to Fortune 500 companies to fully utilize their information for data-driven decision making. Founded in 2002 in Conway, New Hampshire, Rapid Insight is a privately held company with clients and partners across the nation.
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