At Infosys Zero Distance (ZD) is a quest to progressively reduce the gap between what clients expect of us and what we deliver. Today all our significant actions are measured against the Zero Distance yardstick.
And so when the time came to name a theme for Confluence 2016, Zero Distance was the obvious choice.
At Infosys Finacle, we have been applying the ZD principle to not only get closer to our clients, but also to enable our clients zero the distance to their clients. One way in which we are doing that is by enabling our clients to evolve into truly digital banks. This calls for not only reengineering banking functions around digital technologies, but actually reinventing the banking model to suit a truly digital culture.
Leveraging data driven insights to arrive at key decisions, is a vital part of that agenda. Today banks have access to almost unlimited consumer data. With increasing digitalization, the flow of data will only intensify as the number of data sources, especially external ones, multiplies at speed. Fortunately, development of analytics technologies has caught up with the pace of data proliferation, and today banks have the choice of several advanced analytics applications for converting the data at their disposal into granular, real-time insights into virtually every aspect of the banking business.
Take customer understanding, for instance. Using advanced analytics, banks can group their customers based on individual values, expectations, and needs, rather than on aggregated demographics. Identical individuality has been replaced by individual identity.
That is but one use case. Analytics can inform virtually every type of decision that a bank needs to take on a day-to-day basis. Consider the following scenarios:
John, a customer of XYZ Bank, has been reading and posting online reviews about a car he’s dying to own, to decide if it is indeed right for him. Does XYZ Bank get to know of this early enough to influence John’s decision? Can the Bank play a larger role here by offering him a test drive at the nearest showroom and helping him get the right financing option?
ABC Bank has multiple branches in one city. Does it measure the success of these branches by mapping the positive and negative experiences that customers have shared in online and offline channels? Which branches have gone the extra mile in creating positive experiences for customers? Which products are most popular?
Is A2Z Bank’s CEO empowered to closely monitor and manage the Bank’s key metrics that are tied to its financial goals? Is he able to drill down further by line of business to identify the issues that need his immediate attention?
At Confluence, we will explore how advanced analytics technologies can play a crucial enabling role in all these scenarios and more. We will talk about how the insights from analytics can build competitive advantage across the banking value chain. Don’t miss it.