Big Data in Financial Services
Leading Financial Services companies understand analytics is the new secret weapon to drive competitive advantage. We help financial services companies attract, manage and retain profitable customers by applying a wide range of advanced analytics capabilities tailored to each business need.
We have however found that the requirements of analytics and the availability of customer data are quite diverse across different types of financial institutions such as Banking, Mutual Funds & Insurance.
There are however a few common goals that they all share –:
- Better acquisition & retention
- Increasing lifetime value of customers,
- Running successful targeted campaigns
- Optimizing marketing spends across various channels.
Implement Campaign management methods to diagnose popular channels and movement along the customer lifecycle. Sales analytics also covers branch and location intelligence for departmental/branch performance optimization.
Analyze product profitability and match products to customer segments to target them more effectively. Portfolio analysis also provides standard metrics to measure product performance.
Use all available customer data to create customer profiles. Segment customer based on activity data or profile data based on the intended use of these segments. Keep summarized records of customer behavior and value scores.
Integrate claims workflow data to understand blockages in claims processing and attempt to reduce turnaround time by working on influential factors.
Use customer behavioral and profile data to derive unusual patterns of activity or high-risk factors and use these in assessing fraudulent activity. Make use of statistical outliers and other analytical methods such as clusters and decision trees to mine for such patterns.
We help in creating customer loyalty programs from customer behavioral and profile data. Using this we can then help create Customer tiers and segments to reward more valuable customers.