Banking and Financial services institutions are packed under high pressure for keeping significant pace with an excess of significant Industrial, technological changes and a paradigm shift as seen in the tech savvy consumer next generation as well as the expectations of better-touch and more tailored customer experiences.
Any banking or financial institutions who fail to reprieve and meet the expectations of the abundance customer expectations will therefore struggle completely to strive. With the upcoming of latest challenger banks and agile start-ups disrupting the financial services industry, delivering value-adding customer relationships may be a key factor for market differentiation.
Forward-thinking businesses are already successfully harnessing the facility of analytics
The joint survey done with Harvard Business Review Analytic Services in partnership with Accenture and Intel that shows the majority organisations recognize that real-time analytics is vital to increasing customer loyalty, growing revenues and driving innovation. Many are working on harnessing this data pool already, with 60 percent of survey respondents saying that the power to utilization of a real-time customer analytics to enhance customer experience across touch points and devices is extremely important for his or her overall performance today.
However, while most companies are aware that real-time analytics might be a game-changer, a huge proportion are struggling to harness the technology. It’s a true challenge to place real-time analytics and intelligent decisioning at the guts of everything we are doing. It’s not just a technology project, it necessitates a willingness to revaluate and adapt your business model—an undeniable fact that many financial institutions aren’t prepared to face.
More specifically: to develop real-time analytics capabilities, we would like to travel further than running individual proof-of-concept projects in far-flung corners of your enterprise. Becoming an intelligent business is an inter-departmental exercise that needs you to unite the systems and processes that your company uses to gather, to integrate and analyse data, and realigning the whole operational model to harness the advantage of real-time, automated decisioning capabilities.
We asked respondents to spot the factors that they considered to be the foremost important when establishing real-time analytics capabilities. The results were intriguing, with the power to quickly transform data into actionable insight scoring the very best, closely followed by the power to access and optimally utilize all the available data in their organisation.
Not all of the key ingredients for building effective analytics capabilities were predominantly technical. 61 percent of respondents said they felt organisational support for experimentation was highly important, and 23 percent believed experimentation was key to eventual success—demonstrating that cultural change plays an important role in achieving success with real-time analytics.
What technologies are banks powering to become data-driven organisations?
Banks and leading financial service companies, wealth and loan management in other sectors are employing a whole host of various solutions to support the gathering and analysis of customer data for more strategic decision-making. Customer Relationship Management (CRM) solutions, predictive analytics, social media monitoring tools and content management systems were identified by respondents as among the foremost important solutions for real-time decision-making today and within the near future.
The companies surveyed also indicated that newer technologies like Internet of Things (IoT) devices, text and speech analytics tools, intelligent assistants and mixed-reality solutions also are expected to become far more significant for designing and delivering valuable customer experiences.
As more new and emergent technologies enter the analytics ecosystem, possibilities for innovation still abound, especially if banks can seamlessly integrate these technologies and therefore the data they generate with their existing data and analytics solutions.
Our study doesn’t name one particular technology which will provide your bank with the capabilities required to urge a 360-degree view of your customer journey. Instead, it highlights the very fact that enterprises got to be ready to combine the facility of an upscale sort of solutions and data sources to urge a real understanding of their customers.
What steps can bank and financial services sector deploy the analytics capabilities successfully?
Deploying new integrated solutions marks the transition from aspiration to reality. However, adverse to reality numerous companies struggle to urge to the deployment stage, or find that their initial deployment doesn’t achieve their analytics goals.
Respondents blamed a spread of things for slowing down the adoption of real-time analytics and limiting the impact of any benefits achieved: legacy systems, data silos, multichannel complexity, legacy processes and insufficient funding. Responses were distributed between these factors in roughly equal measure, highlighting the very fact that there’s no single stand-out challenge or simple fix.
Similarly, when asked to explain key success factors for delivering real-time customer interaction across touchpoints respondents also appeared to be in agreement. most of the people gave equal weight to establishing a transparent strategy, producing intuitive data visualisations, ensuring effective collaboration across multiple business functions, maintaining good data hygiene, and driving strategic alignment throughout the project.
Real-time analytics delivers exponential benefits
When companies do succeed to bring a rapid, timely data analysis in touch on every decision they create, they will achieve a wealth of advantages within a brief period of time.
Of the individuals surveyed, 85 percent felt that adopting real-time analytics led to improved customer experiences, while 58 percent claimed that enhancing their analytics capabilities helped to accelerate decision-making.
Other benefits noted by participants include better collaboration, increased innovation and an improved ability to compete with new digital disruptions. One bank even achieved an eight-point increase in their net promoter score after enhancing the customer experience with real-time analytics.