Well-designed analytics projects will continue to be an engine and pump for value creation in customer acquisition and service, risk management, operational productivity, and relationship profitability.
Leading financial institutions are placing analytics at the core of transformation initiatives to drive change in business processes, applications, and infrastructure, and in the way they engage customers, price and offer products and services, and manage enterprise risk.
For institutions to thrive in this era, five goals are being recognized as the most strategic to the business, all of which require institutions to put the customer analytics and the intelligence of customer behavior at the center of the new and revised business model.
Where are the best value opportunities in banking for analytics and big data?
Next best offers: Most financial firms have access to only classic, enterprise transaction data, and as a result, have a very limited and inaccurate view of customer needs and experience low conversion rates on new product and service offerings. As enterprises tap data from other sources such as operations, web, social and mobile, they gain a more complete view of a consumer. The better consumer view and insights let companies conduct one-to-one marketing and deliver personalized offers to drive revenues and customer intimacy.
720-degree views: Customers demand consistent and integrated banking services from any device, from any location, at any time, with the ability to originate a transaction through one environment and complete it, with current data and status, in any other.
Predictable risk: Increasing the predictability of risk events gives the risk manager an improved ability to leverage capital, improve pricing and margins, manage fraud and loss, and operate resilient infrastructures. For example, scenario and entity analytics let a firm anticipate transaction, identity, and account fraud before losses occur, and address a daunting range of never-ending operational threats to productivity, financial loss, and brand protection.
