Does your financial institution know how to drive customer engagement and realize the operational efficiencies of advanced analytics?
It is estimated that 89% of marketers believe customer experience is their primary differentiator. Customer experience is a tremendous opportunity for banks because of the massive amount of customer data they hold. If your financial institution uses insights from customer data, you can drastically improve your customer experience efforts which lead to increased revenues, profits, and risk mitigation.
Driving customer engagement is easy once you decrease customer churn, increase customer cross-selling and upselling, and improve the service you provide. When your financial institution is efficient and cost-effective, innovation will be driven to your bank, maximizing its effectiveness in all areas.
The best way to improve your customer experience is to obtain and blend customer information for all customer touchpoints access live customer data to make more personalized and profitable decisions, and understand current and potential customer segments better with social media. Also, try expanding your ability to collect data from multiple sources including mobile.
When it comes to innovation, your financial institution should ensure that the introduction of new technology doesn’t disrupt operations, innovations are introduced without disrupting existing infrastructure or applications, and any new solutions implemented are ready for the future of the banking sector.
Many banks today rely on a varied collection of business systems and complex data relationships. These make banks operate under a reactive client engagement model which exposes them to high levels of customer churn, undermines business performance, and even leads to compliance failures. Even worse, more than 70% of banks don’t have the complete ability to translate their insights from data into beneficial business outcomes, don’t have full access to data anytime, anywhere, and aren’t entirely ready with aggregation of diverse data sets for analytics.
This can all be changed, though, with Hitachi Analytics Solutions. Hitachi offers integration by employing a single end-to-end software platform for your entire data analytics pipeline. It provides scalability by allowing your bank to execute analytics efficiently within a data lake to identify new business correlations and is intuitive by offering a toolset that reduces the number of tools you need to use and accelerates the deployment of big data analytics by up to fifteen times.
Want to know more about how advanced analytics drives customer engagement? Click on the link below to watch a quick video and to download the whitepaper How to Capitalize on the Value of Bank Data.
