HOW DATA ANALYTICS ARE TRANSFORMING BANKS AND THEIR CUSTOMERS
Data analytics are one of the most powerful tools in the business world today. Businesses of just about any size or in any industry can utilize analytics to upgrade their customer experience, boost revenue, and lower costs. Predictive analytics, for example, are making waves in the finance industry and banking in general. Financial institutions, big and small, sit on troves of consumer data, including spending habits, spending patterns, and personal preferences. More data is collected every day, and banks can use this data to predict their customers’ needs and potential decisions. With predictive analytics, banks are making strides in utilizing their customer data. They can develop better financial advice and improve customer service as a whole — a critical point in customer satisfaction and retention. The analytics can also be used for developing more personalized services, targeted advertising and promotions,
and improved banking apps and online interfaces.
found that a majority of businesses do rely on analytics as part of their advertising strategy. Upward of 66 percent of businesses surveyed indicated that they used analytics for their online marketing, while 46 percent used analytics in their traditional advertising. Nearly 82 percent of businesses then used analytics to measure the results of their marketing campaigns.
For many customers, how they interact with their bank is an important factor. More banks are relying on customer data to develop banking and financial apps. The bank can outline the features their customers need or may
use. Mobile apps often offer functionality that complements the lives of bank customers, whether it’s sending a notification after
Data is out there, but how you use it is what makes the difference. It’s information that may hold the key to the future of your business and may help you in ways you couldn’t have imagined even 10 years ago.
a customer has met a spending threshold or sending a warning if they are nearing overdraft.
In terms of advertising, a 2015 Forbes study
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SPICED PUMPKIN SEED CRUNCH
• 1 large egg white • 1 teaspoon light agave syrup • 1/2 teaspoon garam masala or curry powder • 1/2 teaspoon kosher salt • 1/4 cup shelled pumpkin seeds • 1/4 cup shelled sunflower seeds
• 1/4 cup raw cashews,
coarsely chopped • 1/8 teaspoon cayenne pepper • Nonstick vegetable oil spray
1. Heat oven to 300 F. 2. Coat a baking sheet with cooking spray. 3. In a mixing bowl, whisk together egg white, agave, salt, and spices. Add nuts and seeds and toss until evenly coated. 4. Using a slotted spoon, strain spoonfuls of mixture over bowl and transfer to baking sheet. Discard excess egg white mixture. 5. Bake 20–25 minutes, tossing once. 6. Let cool and serve.
Inspired by Bon Appétit magazine
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