Created By: James Mary

2

Understanding Your Customers Better...………..............……………………….. 3

Getting More and Quality Leads………………………..................……....……….. 3

Knowing Which Products and Services are Attracting Leads...……........… 4

Building Customer Loyalty and Increasing Retention....……...………...........4

3

Introduction:

For the last few years, data analytics applications have been transforming several industries for good, and banking and finance are no

exception. Digital transformation in the financial and lending industry

has made it easy for lenders to collect and use data for a variety of

purposes.

Data analytics helps lenders to transform raw data into meaningful, actionable insights so they can better grasp and understand it. Data

analytics provides lenders the capability of easily extracting insights from

data. It comprises the processes, tools, and techniques of data analysis

and management, including the collection, storage, and organization of

data.

Data analytics apply statistical analysis, predictive analysis, modeling

techniques, and technologies to data to find trends and solve problems.

Data analytics is becoming increasingly popular in the banking and

financial sectors for recognizing, analyzing, and improving credit

decisions and marketing.

If you’re a bank, credit union, or non-banking financial institution, here

are some great ways data analytics can help you to augment your

marketing strategy.

4

Benefits and Constraints Associated with Open Finance

Understanding Your Customers Better:

Marketing is all

about providing the

right products and

services to the right customer at the

right time, and the

lenders who really

understand their

customers’ unique financial needs,

tastes, and

preferences are the

ones achieving the most success. Data analytics lenders to analyze

customer behavior, spending patterns, predict purchases, and understand the customers purchasing their products and services.

Data analytics allows you to collect and analyze the most robust and

real-time financial, social, online, banking, cashflow, and other data

from multiple sources. It allows you to gain access to insights about customers who are interested or engaging with your products and

services in real-time. When you become more data-driven, you’ll be able

5

to personalize your message based on a specific customers’ behavior and

need.

Getting More and Quality Leads:

Identifying the best

sources of needs such as

accounting, financial,

cash flow, banking,

eCommerce, and web, and converting leads

into opportunities

means you can go out

and get more and

quality leads.

If you’re marketing your

products and services, you need to find customers who want to buy from

you. Advanced analytics helps lenders to recognize what lead-generating

content provides the right message and attracts the most amount of

paying needs for a specific demographic, region, and area of the customers.

Knowing Which Products and Service are Attracting Leads:

If you have the information about which products and services your customers are liking or attracting leads, you can better tailor your

6

message for each interaction. For example, if one of your customers visits your website, looks at pages related to small business loans, and then shows their interest in a particular loan product, a team member for the loan department or a marketing representative can start the conversation with information about the loan that was viewed.

Data analytics help you access this

kind of your customers’ data. Data

analytics enables lenders to track visitors and leads, which is extremely important to build a great marketing strategy.

Building Customer Loyalty and Increasing Retention:

Marketing to loyal customers

is generally more beneficial than trying to obtain new

customers. Data analytics

helps you understand your

customers better and

provide them personalized solutions to improve their

satisfaction and experience.

7

Data analytics enables you to access, analyze and use the most accurate,

precise, and relevant data of your customers. Based on the data, you can

segment customers and offer customized financial products and

services. Data analytics will not only help you identify your customers’ needs and how to keep them on board with your financial institution's

products and vision, but also outline the qualities these customers

possess to help you target the customers having the same qualities in

your marketing efforts to build customer loyalty and increase retention.

Sources:

● What is data analytics? Analyzing and managing data for decisions | CIO

● Big Data is Transforming Industries in Big Ways | Tiempo Dev ● Ten Ways Big Data Is Revolutionizing Marketing And Sales | Forbes ● 7 Ways Big Data Analytics Can Augment Your Marketing Strategy -

Datafloq

References: ● https://www.investopedia.com/terms/f/financialinstitution.asp ● https://www.forwardai.com/precise ● https://www.worldbank.org/en/publication/gfdr/gfdr-

2016/background/nonbank-financial-institution

8

● https://www.sdcexec.com/home/article/10289735/honeywell-international-right-product-right-place-right-time

● https://in.finance.yahoo.com/news/forwardai-debuts-forwardai-precise-lender-130600931.html

Related Search Terms:

#predictive analytics

#business analytics

#advanced analytics

#prescriptive analytics

#predictive analytics tools