FountainBlue’s August 5 Bi-Monthly Business Analytics Event focused on Business Analytics in Financial Services. Below are notes from the conversation.
We were fortunate to have such experienced panelists who shared a wide range perspectives and thoughts on business analytics trends. They commented on the volume of data, the advances in both hardware and software technology, and most importantly, the importance of building customer-centric, solutions which can help companies make data-based decisions which would serve their customers real-time. Indeed, business analytics is changing the way we do business, and the vendors on our panel spoke about how analytics and data are helping their companies to better understand and respond to the needs their customers and plan for updating and upgrading their products and services based on their customers’ needs. The panelists commented that we are already serving the customers well, much at the same level as a Marriott might treat us, remembering our stay frequency and personal requests. But with additional data and analytics, we could learn to treat our customers more like how a Ritz Carlton might treat us – remembering and anticipating every request, for a stellar experience.
Whether they are working with the ever-growing volume of data available, or serving a larger volume of customers, or integrating with a larger myriad of devices designed easily communicate real-time facts to enable effective, targeted decision-making, it is clear that the most forward-thinking companies are 1) leveraging technology to better serve their customers, 2) valuing the high-impact customer, 3) raising the bar for how to better serve customers real-time, 4) seeing the value business analytics solutions as a competitive advantage, and 5) training and educator internal staff, partners and customers to accept and adopt these solutions and integrate them into their day-to-day work.
The bottom line is that as amazing as current and projected results are, there will be an ever-increasing demand for speed, scalability, and functionality, and companies that can keep ahead of the curve are well positioned to better serve, impress, recruit and retain customers.
The panelists commented on how financial services industry differs from other industries: 1) they may be more adverse to technology solutions, 2) they may be more risk-adverse and more likely to have data security concerns, 3) their legacy applications, including those around loans for example, most be easily ported and integrated into a new business analytics solution, without revamping how the old processes are done, 4) those in the industry are more comfortable with paper than with computers or tablets, and 5) regulations and policies will both make leaders in the financial services more reticent and risk-adverse *and* force them to adopt technology-driven automated processes.
Below is some advice for those innovating in the business analytics in financial services industry:
• It’s not just about collecting data for data’s sake, but more about how that data that empower fact-based decision-making.
• Ensure business analytics solutions are in alignment with company goals.
• Consider how regulatory, privacy, security and governance impact customer purchase decisions and factor that into your strategic growth and expansion plans.
• For entrepreneurs running and growing a company, choose a tool before you think you need it. Don’t just rely on your instinct to tell you it’s time to do it, but have the tool show you the data about *why* you need to do *what* in a quantifiable way.
• Small, medium-sized and large companies have similar needs for business analytics, but their volume of need, the volume of transaction and level of support vary. Know which market you serve and focus your communications and services on that niche market.
• Focus always on what the customer is doing, what’s important to them, where they are spending their time, where they are physically, what tools are useful for them, etc
• Develop and enhance relationships with customers through digital and other channels, and also watch for the merger and integration of CRM, ERP, ATM and other systems.
• Help customers use the data to break down silos around roles and products and build collaborations within an organization, between customers and vendors, channels and partners.
• Use the right technology to secure the most relevant data, with the right objectives, using the right assumptions for the right people.
• Leverage social media for outreach, community-building, and feedback.
The bottom line is that to better serve the financial services industry, one must make the technology simple, easy-to-use, understand and act upon, and integrate it into their daily operations seamlessly, while proving the value through measurable reports and bigger customer retention and acquisition.
Please join us in thanking and acknowledging our panelists for FountainBlue’s August 5 Bi-Monthly Business Analytics Event:
Facilitator Melissa McDonell, Brand Voice Marketing
Panelist Satya Kunapuli, Director – Research, Testing and Analytics at Intuit, Principal at Esskay Solutions Inc.
Panelist Raj Sen, Group Manager, Multi-Channel Analytics, Adobe
Panelist Carl Snyder, Senior Industry Principal, Banking, SAP America
Tags: Business Analytics