Since the global financial crisis of 2008, a raft of new regulations have obliged financial institutions to gather, store, and report on ever-increasing amounts of data. The good news is that data science can transform your compliance burden into new business opportunities—by unlocking a treasure trove of intelligence on your customers. As a matter of course, digital services create terabytes of transac- tional and personal information that give data scientists all the raw materials they need to sculpt a personalized marketing program and online experience for each customer. Data analytics and data mining tools do the heavy lifting: isolating and processing only the most relevant data to identify individual needs and preferences. From here, data scientists can build models that will predict how customers will respond to particular products, promotions or offers—and offer the right product to the right person on the right device. 9 In this respect, data science can help meet an increasingly important priority for the financial sector. 28% of financial services firms cited “optimizing the customer experience” as the single most exciting opportunity for their organization in 2018, followed by “data-driven marketing that focuses on the individual” for a further 23%. 10
CUSTOMER EXPERI ENCE PERSONAL I ZAT ION
3
cited “optimizing the customer experience” as the single most exciting of financial services firms 28%
opportunity for their organization in 2018
© 2019 PROVENIR ALL RIGHTS RESERVED
Made with FlippingBook Digital Publishing Software