Banking / Finance

How payment banks can leverage analytics

The banking industry in India today, though developed, faces the challenge of connecting with its customers. Personalization is the order of the day and providing customized products and services to each customer today is the way of life. It comes as no surprise that leading banks, irrespective of size and location are leveraging the power of analytics to truly identify needs of customers by thoroughly mapping their journey of relationship with the bank and thus identifying individual customer’s “micro and macro moments of truth” in an on-going and real time fashion. Basis the 360 degree view of the customer, the products and services offered by the bank are consistently tuned and tailored to address individual customer needs. Today, analytics is enabling the banking industry to deliver such a personalized engagement without violating the boundaries of various governance policies of the banking industry.
Another area where analytics can be employed more effectively is the banking operations driven by mobile platforms and POS devices. Embedding analytical decisions into these platforms for optimized and contextual sales and operational outcomes is where the analytical space is evolving, bringing decision management at the forefront of banking needs. Time-to-market is the key word today ascustomers today want to have the offers immediately rather than waiting for a couple of days. It’s the age of ‘instant gratification.’ Hence digitization and scalable platforms are the need of the hour. Analytical insights need to be generated and deployed/operationalized much faster than they have been to capitalize on the changing customer behavior and preferences. The analytical platformin the form of integrated marketing management suites is the underlying foundation that brings the above mentioned controlled-hyper personalization to life.

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