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Analytics vital for Customer Delight

April 3, 2019 - Sandeep Joseph Mathew Senior Consultant

We all receive recommendations on online portals or apps for movies, books, music, videos, food etc. based on our history of online transactions. Similarly, for transactions performed over the counter we receive recommendations on products, information about discounts and offers on our preferred brands, based on the history of transactions performed using a privileged membership card. All these insights empower us to make purchase decisions.

Organizations are doing everything possible to offer products that customers want to buy based on insights about their lifestyle using advanced analytics on transaction history data. This allows them to improve the ROI on their promotions by eliminating irrelevant offers.

Similarly, banks have a wealth of data at their disposal from multiple touch points combined with customer interactions on social platforms to arrive at recommendations. With the help of all the data they have, banks can understand the latent need of their existing customers, and contextualize their recommendations, offer pre-approved personalized financial products through their digital channels and encourage customers to buy them, thus considerably increasing the possibility of success. The cost for the bank this way will be a fraction of what it can offer through any other mode, thereby increasing the profitability and competitiveness.

A data-driven approach to technology allows banks to improve business outcomes and innovation. Adoption of analytics solutions provides an opportunity for banks to:

  • Integrate data models and open source technologies to rapidly develop and deliver actionable insights to supplement the decision making process.
  • Use existing data stored on cloud and supplement it with semi-structured and unstructured data from various channels including social media, discussion forums to arrive at customer’s interest and needs, segment customers to tailor product offers.
  • Drive product and service improvements using analysis of customer opinions for any product or service on social media to arrive at better offerings.
  • Arrive at actionable insights for customer acquisition using analysis of customer opinions about their competitor’s product or service.
  • Predict strategies for customer attrition and retention as well as cross-selling and upselling using actionable insights on customer satisfaction.
  • Seize on market opportunities by providing relevant offers to customers through effective customer communication.
  • Innovate using open banking initiatives where data can be securely and efficiently transferred using APIs on a service agreement to offer more value to customers.
  • Drive risk, fraud and compliance management which are essential due to the associated costs involved.
  • Teach AI platforms so that machines can learn from experience/data, find patterns and respond accordingly and perform tasks such as customer call routing.
  • Deliver multichannel experience by gathering real time data and build consistent view across channels.

It is essential that analytics capabilities be accessible to all functions within the organization to empower employees to take decisions based on actionable insights.

Offering the customer convenience, control and choice using data analytics does not only make the customer happy but rewards the business with repeat purchases and hence customer retention. Data security also needs to be factored in to avoid loss of trust of stakeholders involved. Thus a robust framework of security guidelines and protocols need to be in place in this journey towards true customer delight.

Sandeep Joseph Mathew

Senior Consultant

Sandeep Joseph Mathew is a product owner in Finacle Loans ART at EdgeVerve Systems Ltd. His areas of interest include product management and credit monitoring. He is a Chartered Associate of Indian Institute of Bankers. He holds Post Graduate Diploma in Management from LIBA, Chennai and BTECH from CUSAT, Kochi.

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2 thoughts on “Analytics vital for Customer Delight

  • Good analysis of analytics from Banking perspective Sandeep.

  • Nice write up, I can correlate to work that I do.

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