Understanding your clients is paramount. The more you know about them, the more effective you can be at winning their business. For the fifth year in a row, Gartner reports that business intelligence (BI) and analytics has remained the number one priority for financial services companies. In fact, the research firm forecasts that the BI and analytics market will increase 5.2% over last year, reaching $16.9 billion by the end of 2016.
In an industry in which technology changes rapidly, solutions that enable you to dive deep into your data, learn about your customers, and craft personalized offers based on their unique situations continue to be critical to driving growth.
For example, consider an individual with an older car. Every year, he pays a substantial amount of money at a local repair shop, which he charges to his credit card. The creditor then analyzes this historical information, along with his salary and the value of his car, and determines that he is a good prospect for a car loan. The credit card company then provides him with an attractive offer for a new car loan, which he accepts.
Leveraging sophisticated, interactive BI and analytics solutions with internal and external sources helps you make sense of the many data points that make up a customer’s profile. J.P. Morgan recently discussed its desire to leverage such tools to gain better insight into its customers to better target them for new business.
To learn about other priorities financial services organizations must have in mind in order to spur and sustain growth, fill out the form below or click here.
