Banks increasingly turning to analytics to understand customers2010-06-10
A new Accenture survey shows that banking officials are increasingly turning to data analytics to better learn how to prevent customer attrition, Finextra reports.
According to Finextra, more than two thirds of financial services executives who responded to the survey said that "getting their data in order" was one of their top priorities moving forward. Two-thirds of the executives also said that their top goal - once the data was finally organized - was working to better predict customer behavior and decisions. Executives said that being able to better anticipate actions by their customers allows them to be proactive with their loyalty policies.
However, as companies tried to better organize their data, many of them also said that their current business intelligence tools weren't adequate to their needs. The survey found that 57 percent of respondents saw more potential applications for analytics than their current resources would allow.
Getting a better view of customer data has become a necessity for all kinds of businesses. The Financial Post recently reported that gaining new insights gives companies a "competitive edge" in understanding customers, managing risk and creating better policies.
Recent Database Management and Data Processing News
Organizations use master data management to improve sales and business visibility
2011-03-08
Master data management has long been a technology that experts tout as improving institution-wide efficiency and, thus, customer loyalty for both major financial institutions and large corporations.
FIs will need to transform underlying processes to accommodate digitization of banking
2011-03-03
Without a doubt, major financial institutions will need to adopt and transform their financial offerings to promote customer loyalty as the digital landscape continues to change traditional organizations at a swift rate.
Master database management is a business process, not just an IT project
2011-02-10
Master database management is becoming an increasingly pressing priority as financial institutions look to cement customer loyalty and increase revenues in the face of pressing federal regulations.
Recent Customer Analytics News
Under 50 investors offer lucrative opportunity to financial services firms
2011-03-10
When the public hears the term "investor," they often envision an individual at least 50-years-old with a lifetime of business experience.
Generation X remains skittish toward investments
2011-02-09
As customer loyalty in banking continues to waver with the economy, the number of Americans with a savings plan has decreased.
Customer data analysis a 'hot trend' for 2011
2010-12-30
Come 2011, one of the hottest trends for improving customer loyalty will be the implementation of master data management systems, the blog Customer Think predicts.
Recent Customer Attrition Retention, and Loyalty News
Two More Words on Client Retention
2011-06-23
For the past couple of months, PNT’s “Industry News” has focused on client retention.
Customer Acquisition and Client Retention: New Banking Regulations Bring Challenges and Opportunity
2011-06-16
Banks face customer exodus! The era of free checking is over! Debit Card interchange revenue to be slashed! New ATM charges loom!
These are among the headlines, somewhat sensationalized, being written about regulatory changes enacted as a part of the recent batch of financial reforms.
Bank Call Centers the Bedrock of Client Service: Retaining Clients One Call at a Time
2011-06-16
When TD Bank designed a new call center in Maine it emphasized a commitment to customer service by installing a 9-ton boulder amid the 60,000-square feet of office space.
