LONDON--(EON: Enhanced Online News)--Banks are increasingly using analytics to gain a competitive advantage, looking to form insights based on the information they have gathered through basic reporting and data collection. Advanced analytics can be used to predict customer behavior and preferences and to improve risk assessment. This information helps shape business decisions which lead to increased profits and success. For these reasons, Quantzig analysts expect that the global market for analytics and risk assessment solutions in the banking industry will more than double between 2015-2020. In 2019, this market should surpass USD 2 billion.
Quantzig analysts believe the following three advanced analytics trends will continue to shape the banking industry:
Continuous increase in investments in big data analytics
The use of big data analytics can have positive impact on the way firms are being built with long-term confidence with their customers thereby leading to higher level of satisfaction and advocacy with reduced churn. For banking and financial organizations, this is the key to build and develop detailed and enriched customer profiles, enabling a strong relationship in the mid-long-term. The implementation of real-time data analytics and actuarial algorithms are opening up the possibility of behavior-based contracts and pricing, which is a vibrant factor impacting the market for the better.
Emergence of social media as marketing and collaboration medium
Today, banks need to focus on broadening Internet-based strategies, some of which hinge on social media platforms. This approach is expected to broaden the communication and marketing channels that are required for launching new products and services. Therefore, the banks have to ensure that their agents understand the implications this trend will have on their role as advisors and how to leverage these roles. Many banks are also using social media platforms to collect customer feedback, resolve queries in real time, provide product updates, and drive insight generation and fraud investigation. Internet-based strategies also help overcome geographical limitations that agents often face while providing services to the clients.
Integrated GRC platform
Enterprises are adopting GRC platform technology, which is integrated and provides a common solution for governance, risk, and compliance. The technology helps organizations to form their business strategy for a long-term sustainable growth. Companies that have implemented fragmented GRC solutions are now shifting toward integrated GRC solutions. Key decision makers of the companies will get better insights by adopting a GRC platform that provides several collaborated information from internal functions and auditing. The business process of a company requires risk management, strategy formulation, and regulatory concerns to improve the operational efficiency. Therefore, the entire business process requires an integrated solution to monitor and analyze risk associated with the business process.
Quantzig offers risk and compliance analytics, insurance-specific solutions and financial analytics for the banking and financial services industry. By leveraging ever-increasing data volumes and channelizing them to facilitate real-time visibility, Quantzig helps their clients to take fact-based, faster, and smarter decisions through specialized analytics solutions that help them gain a competitive advantage in the market.
For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.