Case: 1
A European bank was struggling with a shrinking customer base. The traditional customer retention techniques did not seem to be working. The bank then resorted to business analytics software solutions. Using machine-learning algorithms, the software precisely predicted which active customers are planning to reduce their business with the bank. This helped the bank prepare a powerful and more target-oriented customer retention strategy.
Case: 2
Business analytics helped a US bank learn that some of the private bankers were offering huge discounts to customers. The revelation helped the bank understand that most discounts were unnecessary and could be corrected. This move contributed to an 8% revenue increase just within months.
Case 3:
A leading bank in Asia hired a software development company for analytics software development to survive the cutthroat competition. The analytics software analysed multiple datasets such as customer demographics, key characteristics, frequently bought products, statements of credit cards, PoS and other transaction details, credit score etc. This gave the bank a competitive edge and help them build a next-product-to-buy model.
Times have changed. Digitization of financial services and mobile banking apps have reshaped consumers’ banking behaviour. Also, banking solutions are becoming more personal than ever. Identifying consumer needs and catering to them just in time are the new norms to survive the dense competition in the BFSI (Banking Financial Services and Insurance) industry. All thanks to business analytics software solutions, banks and insurance companies are now able to identify and target their prospective clients more specifically and personally.
What is business analytics software?
Business analytics software is a tool that can boost your business by helping you make data-driven decisions. It analyses data methodically and provides insights that help you understand consumer behaviour, current trends, key drivers, and areas of improvement.
How does it do it?
Based on the collected data, business analytics software can reveal the spending patterns of the consumer. It can further display the investment and loan history of the consumer in a way that you can convert it into usable insight. The software tool can analyse recent market surveys, perform fiscal research and help banks connect with their consumers in a more personal way.
Read More: Here is How Business Analytics Solutions are Revolutionizing the Banking Industry
