Blog

Knowledge is Power: How to leverage data analytics in financial services

Following on our recent post about how to optimize the customer experience, however increasingly important is the use of data analytics for financial services companies. Enhanced data analytics can be a revolutionary tool for financial services companies. Moving forward on any initiative that affects the customer experience relies on knowing what makes them tick, how they behave, why they abandon one bank for another, how they want to communicate with their financial institution, what type(s) of user interface they prefer and when, how important security versus convenience is, and also how and when they are likely to seek human interaction when encountering an issue.

Knowledge is power. The financial institution that knows what the customer wants and when is not only better positioned to give it to them, but also has more data to determine how to further streamline or apply it to other processes to present a consistent and cohesive customer view as well as to identify more viable product or service offerings and have a solution ready in anticipation of their next need.

When it comes to capturing and analyzing all customer, process and industry-applicable data to make critical business decisions, it is judicious for financial institutions to partner with an expert in this field. Partnering with the right provider can enhance and streamline your internal capabilities enabling you to more fully leverage the information to have the greatest impact on improving strategy, operational processes and related automation opportunities.

Trusting a technology partner to evaluate and enhance the quality of the data captured as well as the optimization of the data is crucial for businesses large or small, and for those with large dedicated staff and for those that don’t have staff devoted to that task. Many financial institutions boast of large data management and MIS dedicated resources, but not all have the needed interaction with the leadership and operational teams to be able to evaluate, enhance, and drive changes needed to maximize outcomes. Partnering with a global company that provides these services expands the power of the data, opening the door for process and product transformation, and improving both the customer and the agent experience with significant potential for greater returns.

Also, be sure to check out our recent white paper, “Embracing Digital to Transform the Banking and Financial Services Industry” or read the “Three ways financial institutions can optimize their customer experience” blog.