Finserv analytics drive bottom-line growth

Data analytics: an evolving value chain

The data value chain is evolving: businesses are restructuring the processes behind their insights and analytics to generate more utility and grow the bottom line.

For financial services in particular, customer expectations are rising. Customers understand the amount of data that’s collected by their financial institutions, and they expect highly personalized experiences — the result of conditioning by other tech interactions.

Finserv is poised to capitalize on this.

This data can be collected and structured in a way that’s conducive to building strong, reliable insights. As the market sees rapid growth, this will be key to their survival.

The state of fintech today: striving for balance amid uncertainty

As the pandemic continues to evolve and impact the global economy, financial services providers are left to wonder if digital is the new normal that’s here to stay. Regardless of how things are 12 months from now, or five years into the future, one thing is certain:

When the world shuttered its doors without warning, consumers sought digital options to interact with their financial institutions.

As digital institutions clamored for consumers’ attention — and wallets — incumbent establishments provided their own digital options to make up for the lack of access to their brick-and-mortar storefronts.

This battle for balance between digital natives and incumbents is seen across industries, from banking to real estate to wealth management.

The key to competitive advantage: composable data & analytics

Customer interactions are trending toward digital channels, generating a massive wealth of consumer data — and massive opportunity for those who use it well.

Composable data and analytics solves for nearly any use case, allowing finserv organizations of every size and shape to offer benefits beyond those of their mammoth competitors. With this new approach to data analytics, these organizations gain the competitive advantage by becoming more agile to respond quickly when business needs change.

Composability enables finservs to make better data-driven decisions, improve customer experience, reduce risk, and anticipate market trends.

Finservs and data: use cases for growth

• Build trust and loyalty through personalized customer experiences
• Rebundle products and optimize service offerings based on user behavior
• Aggregate feedback to improve products, interfaces, and experiences
• Modernize industry practices as high-quality alternatives to traditional services
• Help B2B clients work around their legacy systems

Finservs and data: mitigate risk with analytics

• Avoid commoditization by collecting data through multiple digital touch points
• Detect and prevent fraud with pattern-based rules and automated alerts
• Develop financial health scores to assess loan or credit risk
• Easily adapt to regulatory changes through structured data management and controls

Launching finserv analytics: challenges abound

Businesses often stall on the point of analytics: The challenges aren’t simple. Comprehensive analytics engines require significant time and resources, and teams are often limited by systems, budgets, and regulatory requirements. Siloed, unstructured data compounds these difficulties and adds further barriers to launching an analytics program.