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Three Banking Analytics Trends Transforming the Facets of the Financial Industry

Banking CIO Outlook | Friday, August 20, 2021

Banks frequently have data on where to best reach specific demographics, and they can utilize predictive analytics to identify when marketing campaigns are most effective.

Fremont, CA: Any technology used to collect, process, and analyze complex data sets that include structured and unstructured data is referred to as banking analytics. This data is compiled from a variety of sources and could potentially contain a plethora of useful information. Analytics tools can sift through this "big data" to find patterns and trends that could affect crucial business choices. Here are three banking analytics trends:

Better Customer Support

Banks can develop a more efficient user experience that addresses problems fast and with low friction by collecting data on the types of challenges customers are having and what they require when they call customer care. For example, data could suggest that a significant portion of customer service calls could be handled by an automated system or a new function on a mobile banking app. Improved customer service will increase retention and help consumers solve difficulties faster, allowing them to return to using the financial assistance that supports their business or lifestyle.

Enhanced Security

Banks can use big data analytics to develop a profile of typical customer behavior, allowing them to spot and highlight odd conduct that could indicate their account has been hacked. A sequence of large-ticket purchases, for example, could trigger an alert or even lock down an account until the bank can confirm that the person made the purchases. In addition, because dealing with chargebacks and fraud claims is frequently a confusing and time-consuming procedure that leaves everyone upset, enhanced security backed by banking analytics protects customers and banks.

Improved Sales and Marketing

Banking analytics have already proven their worth in terms of more precisely guiding marketing and sales operations. They can indicate which techniques create the highest ROI and help split the market into much more manageable segments. Banks frequently have data on where to best reach specific demographics, and they can utilize predictive analytics to identify when marketing campaigns are most effective. Big data makes it much easier to assess which sales approaches are effective and which ones are likely to send specific leads away once prospects are transferred to the sales team.

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