BANKS - AN INFORMATION AND DATA ANALYTICS HUB
Banks are storing valuable customer data since decades but they have never harnessed the same. The data which is lying in every bank is nothing less than a gold mine. Banks across the globe have now started to look in to this goldmine and have started understanding
how to carve out various analytics out of the same.
In simple words banks have now started to see how they can monetize the data which they have stored for so long without compromising the customer confidentiality. Analytics capabilities will offer banks the ability to understand its customer base and make
personalized offers based on individual, household, risk, and business relationships — improving share of wallet with existing customers and attracting new customers through product and service differentiation.
Another key here is that predictive analytics will further enable real-time decision making to consumers who already benefit from instant gratification at retail stores, for instance, a perfect example of playing a role in the customer journey.
First movers in implementing predictive analytics have a competitive edge in the market at any point of time.