Given that 81.5% of Americans are considered “fully banked,” many opportunities exist for financial services institutions to take advantage of the vast amount of customer data they possess. Here are three ways financial services institutions can reap the benefits of a data-driven mindset.
1. Improved Productivity & Efficiency
Institutions that prioritize their data will realize the importance and benefits of optimizing data processes. Optimization tactics include the implementation of automation, machine learning, and artificial intelligence, with the use of sophisticated databases and cloud services.
Developing a strategy to take advantage of these tools in a way that is tailored to an institution’s unique needs can cut costs and improve both employee and customer satisfaction. Employees can perform their jobs more effectively and use the insights made available through accessible data to better fulfill their customers’ needs.
The financial services industry is massive, which means financial services institutions collect a LOT of customer data. They can use this data to segment customers and keep a close pulse on their customers’ behavior. Doing so will offer them the insights needed to tailor services and develop highly personalized products that can be presented to the most relevant customers at the right times.
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Institutions can also compare their customer data with external data (ie. market trend data, economic data, etc.) to more accurately perform “bigger picture” predictive analysis.
3. Risk & Fraud Prevention
Having greater data insight not only helps institutions better sell to their customers, but it enables superior customer care and protection. For instance, greater data oversight makes things like unusual account activity more apparent and promotes timely follow-up with such matters.
Additionally, maintaining clear, comprehensive data systems promotes business ethics and adherence to laws and regulations enforced by regulatory bodies.
Want to learn more about financial services industry-specific considerations for improving operational efficiency through data optimization?
Perficient is a proud sponsor of the 2023 North American Financial Information Summit, which is the largest North American data conference for banks and asset managers looking to the future of data in financial services. The one-day conference is on May 16 at etc. Venues in New York City, and it is free for those employed by financial services institutions to attend.
At the conference, Eric Walk, our director of enterprise data strategy, will present with Eric Hirschhorn, BNY Mellon’s chief data officer. Their presentation is entitled, The Road to Maximizing Operational Efficiency Through Enterprise Data Management and Governance, and is set to take place at 11:30 AM ET on the Main Stage (see the full conference agenda here).
If you are unable to attend the conference, you can always reach out to Perficient’s team of financial services industry and data experts here.