According to a 2014 survey of more than 2,000 business professionals by MIT Sloan and SAS Institute, 87% respondents share a common restlessness to elevate their organizations to the next level of analytics.
Being data driven, has now become a necessity for all businesses, especially financial institutions. Using predictive data analytics to interpret a wide range of internal and external data on customers helps financial institutions to identify best targets for a particular product and earn more by making timely pitches.
Russ Bunham, in his Forbes article, gives four tips on how financial institutions can use big data analytics to their advantage:
- Creating a customized, consistent customer experience
- Dissolving internal silos to have one view of the customer
- Ensuring data insight flows to the right person to make the pitch
- Using big data knowledge to enhance customer relationships
To understand them in detail, visit the following link: