Banks have plenty of data from ATMs, websites, phone calls, emails, and mobile transactions, but have done little to leverage it. All of this data can be linked back to the individual customers and that’s where the power of individual-level marketing comes in. By getting this data out of individual silos and mining it, banks can better anticipate what customers are trying to do and personalize their experience. Banks need to organize the knowledge they have about their customers, aggregate it, make effective use of customer data from multiple sources, and then act on it. Using big data and prediction to analyze and better understand customers allow banks to understand their customers and make the right offer at the right time to the right customer.
Banks can also utilize the massive amounts of data on their customers and predict to introduce new offerings that target predefined segments based on location, demographics, psychographics, and other factors while also increasing revenues and deepening customer relationships. Banks internationally are beginning to harness the power of data in order to derive utility across various spheres of their functioning, ranging from sentiment analysis, product cross selling, regulatory compliances management, reputational risk management, financial crime management and much more. Banks are increasingly embracing the new world of big data and analytics, serving as a bellwether for other consumer-facing industries eager to similarly create a definitive single view of each customer, serve and retain them, attract additional business, better manage risk and mine new revenue streams.
Kreara Analytics Suite is the most comprehensive business analytics tool for today’s decision makers. It provides a 360 degree view of the organization’s performance and empowers users with critical insights into the Key Performance Indicators (KPI) that can ‘Measure, Monitor and Manage’ their business goals and growth.The BI Solution for banks covers the complete range of functional areas under Retail and Corporate Banking, viz: Loans, Deposits, Trade Finance, Financial Performance, Trade Finance, Treasury, Risk and Customer. The solution has dedicated modules for Products, Channels, Sales and Marketing as well.