SBIR Phase I: System for Optimizing Sweeps in Banks

Provenditor Consulting, Storrs CT

Investigators

Abstract

This Small Business Innovation Research (SBIR) Phase I project seeks to develop a software product that will optimize sweep regimens in retail banks. The purpose is to demonstrate feasibility of a decision-support system that uses past customer behavior, qualitative input from managers and stochastic optimization to improve bank sweeps. Sweep programs were initiated in 1994. The current cumulative revenue from sweeps have reached approximately $700B. Still, sweep technology has been out of reach for small to medium size banks due to complexity of the heuristic models. The goal of this project is to bring a product to market which will allow small to medium size banks to engage in regular sweep transactions thus enabling more efficient use of resources and higher yields for the bank's customers.