Leveraging the value of Big Data can improve the effectiveness of small business marketing, increase productivity, and grow bank revenues. Strong analytics also provide critical tools to imprve risk management and prevent fraud.
Applying a string analytic approach can reduce :
- Uncover small businesses using consumer bank accounts, allowing for appropriate marketing and cross-sell
- Quantify the wallet share opportunity available to banks from current customers, helping to set sales goals
- Target prospects based upon bank-determined screening criteria, including risk characteristics, eliminating much of the guess-work of initial sales efforts
- Determine the customer’s propensity to buy certain products, allowing banks to set clear priorities for their sales efforts
- Reduce fraud and credit losses
- Reduce application processing and collections costs
But, Big Data also needs to be a key part of a larger effort that evaluates organizational effectiveness, ensuring that the people and processes support a targeted effort.