Online Banking Analytics: A Smart Innovation Tool
Banks are spending big money on analytics to uncover the hidden meaning of their customers' pattern of activity on Internet, mobile and other online channels. With more customers doing their banking away from the branch, a huge amount of data is being generated at online touch points - rich fodder for online banking analytics solutions, which analyse customers' clicking and navigation behaviour to produce insight and predict outcomes.
By deploying this knowledge into their innovation strategy, banks can achieve multiple objectives including channel optimisation, product customisation, right selling and fraud prevention. If you're wondering how, the following examples may clarify: A) From the click pattern, it is possible to identify the most popular transactions on different online channels and the peak period of traffic - information which may be used to improve efficiency during peak hours through load balancing. B) A customer's search pattern could indicate an unmet need, which is a cue for the bank to propose a relevant solution. C) Frequently declined credit card transactions of a creditworthy customer tell the bank that it needs to enhance the credit limit.
But online analytics is not only about what's gone by. Its predictive capability enables banks to anticipate customers' next move once they click on a product or transaction. This knowledge can be used to improve customer service, right selling, lead conversion etc.
While web and channel analytics have been around for a while, we're now seeing the emergence of new disciplines. Fraud analytics alert banks to potential fraud by identifying suspicious activity patterns and grading different transactions, sources and regions by riskiness. Social analytics process the information and conversations on banking social forums to distil valuable insight into customer needs and expectations; there's also speech analytics, which do the same thing with call centre interactions.
However, while current analytics packages are quite powerful, they are not complete. There's an unmet need for an integrated, multi-channel, intelligent analytical solution combining insights from real-time tacit information, historical data and statistical analysis, all in one box. I think you will agree that will be the next game changer.
But online analytics is not only about what's gone by. Its predictive capability enables banks to anticipate customers' next move once they click on a product or transaction. This knowledge can be used to improve customer service, right selling, lead conversion etc.
While web and channel analytics have been around for a while, we're now seeing the emergence of new disciplines. Fraud analytics alert banks to potential fraud by identifying suspicious activity patterns and grading different transactions, sources and regions by riskiness. Social analytics process the information and conversations on banking social forums to distil valuable insight into customer needs and expectations; there's also speech analytics, which do the same thing with call centre interactions.
However, while current analytics packages are quite powerful, they are not complete. There's an unmet need for an integrated, multi-channel, intelligent analytical solution combining insights from real-time tacit information, historical data and statistical analysis, all in one box. I think you will agree that will be the next game changer.
