Banks Using Analytics To Get Closer To Customers 4/12/2017

Since the financial crash, retail banks are faced with more regulatory and financial restrictions than could have been envisioned. This is coupled with increased levels of competition and much reduced consumer trust. Achieving profitable growth, while ensuring long-term solvency, became more challenging with greater volatility across most asset classes and traditional products losing money. Managing enterprise risk, as well as decreasing incidence of fraud, became a strategic priority. Advancements in technology, coupled with improved speed-to-market, have eroded product differentiation and customer loyalty. So what is the answer to the challenges? Data Analytics! The following graph show some of the driving forces as to why banks are relying/ looking upon analytics.

 

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Today, DataHub has teamed up with IBM and the IBM Customer Insights For Banking team to bring forth the latest solution to retail banks to gain the competitive advantage that they have been looking for. 

Today’s customers make the following demands on their banks: 

•Know me. Understand my needs, wants and goals; present me with products and services that are personalized for me and my financial life. 

•Advise me. Bring expertise to every interaction. 

•Educate me. Provide me with online education and tips that I need to know to manage my finances most effectively “in the moment.” 

•Let me choose. Give me options rather than prerequisites, and  roadmaps rather than checkboxes. 

•Alert me. Give me real-time predictive alerts and personalized communications. 

•Compare me. Offer me peer comparison in virtual channels.

 

So how can banks deepen their knowledge of customers and thrive in this transformation to an individual-centered economy? New technology that uses data and advanced analytics to discover new levels of customer insight is the key.

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To learn more about how IBM is helping banks get closer to its customers, please download IBM’S white paper on Customer Insights For Banking.

Get In Touch

DataHub, Inc.

119 W, Hubbard Suite 4E

Chicago IL, 60654

Phone: +1 866-253-7033

Email: info@datahubusa.com

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