Big Data & Digital Marketing

How is Big Data changing the banks business? And how this can add value for customers?

Today it is imperative to use machine learning for detecting frauds and mitigating risks. The next step should be solidifying the relationship with clients, by offering what they really need, not what the bank wants to sell.

The 6 uses of Big Data in banking

1. Increase efficiency - shorten the time to get information from db

2. Reduce cost - in maintaining the data infrastructure

3. Prevent fraud - self-evident

4. Accountability - better evaluation of clients' risk

5. New revenue streams - the more you know the more you can offer

6. Client satisfaction - by offering a better customer experience

According to research by Capgemini, banks investing in analytics to understand customer attrition have a 12% lead over their competitors!

Moreover:
1. with only 37% of customers satisfied with their bank’s understanding of their needs and preferences
2. and with 40% of customers not sure whether they will stay with their bank in the 6 months time

this research indicates how customer analytics could help banks increase their revenues and gain market share.