What else is/are required to ensure the success of a big data project/implementation?
Internally, the financial services industry has largely been driven by bespoke, periodic and manual reports which are transformed and translated several times before being prepared for a management pack.
While these reporting packs provide little ability to investigate the cause behind a headline KPI, they have become the benchmark.
Staffers within the industry often require some guidance on how to interact with analytical apps. Also, it is essential that an environment of curiosity is nurtured — where staff seeks to explore the factors causing an outcome, before taking any action.
Upskilling teams to evolve from reporting sausage factories into true business partners will lead to not only improved business outcomes, but also a more engaged workforce.
What's next for analytics?
Information asymmetry could be used to keep margins or spreads wide, protecting profits across the industry. But as product aggregators make transparent comparisons easier for consumers, products and services are becoming more commoditised, and this places downward pressure on profits as firms compete more directly on price.
However, when analytics are employed with the intention to truly empower the firm's customer, a deeper partnership can be formed; one where the customer is guided through life's milestones, with advice, suggestions and of course, the odd product suggestion.
Customers will increasingly value this guidance and appreciate that the guidance becomes richer as more and more of the customer's banking needs are focused through the same institution.
Essentially, banks can use analytics as a new catalyst for customer loyalty and customer relationship management, as well as to acquire a larger share of their wallet.
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