John is now a "delighted" customer of the bank as his unstated customer needs are immediately serviced by the bank. This is how the bank manages to turn around the customer experience and avoids customer churn.
Given the benefits that big data can potentially bring to the financial institutions, it looks like banks will soon have to embrace this emerging trend. However there are some crucial key performance parameters (KPPs) that business leaders and IT leaders in these organisations must consider. Instead of getting lost in the big world of big data, some key parameters must be judged regularly to ensure the success of investments made.
So the siloed customer data and interactions must move into a centralised repository or dashboard of customer data and insights, sales and marketing departments must graduate to taking up social listening role and manage lasting relationships with customers rather than managing customer transactions. This functional scenario will in turn help the banks to offer customer solutions, instead of bank products and generate brand loyalists, instead of just satisfied customers.
In order to maximise the afore-mentioned KPPs, CXOs of financial organisations should be looking to engage with service providers who can work with them closely and arrive on business models with clear RoI intent.
We are inching closer to the period when CxOs of organisations across sectors will have to exploit big data advantage to effectively enable meaningful insights from the enormous data lying within and outside their offices for obtaining competitive advantage in the market place. Big data is proving to be a catalyst of differential strategy of enterprises; as aptly articulated by Gartner, the leading analyst firm, "Information is the oil of the 21st century, and analytics is the combustion engine."
Naresh Nagarajan, is Senior Vice President, Enterprise Transformation Services at HCL Technologies.
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