Advanced Analytics in Banking: How Is It Re-shaping Business Processes?
Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest article that explains how advanced analytics is re-shaping the banking world.
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Like ATMs and online banking services that transformed the banking world, advanced analytics is bringing in waves of transformations that have the potential to completely transform business processes. As such, leading banks are increasingly using analytics to gain a competitive advantage and to gain insights on the information gathered from basic reports and data collectiontechniques. Advanced analytics can also be used to predict customer behavior and preferences and can help improve risk assessment.
According to Quantzig’s advanced analytics experts, “Due to its ability to improve decision-making, banks worldwide are recognizing the importance of analytics and increasing their advanced analytics investments.”
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Advanced Analytics in the Banking Sector: Three Use Cases
- Fraud Detection & Prevention: Banks can use advanced analytics to compare customer usage patterns against the fraud indicators and can immediately take action when fraudulent activity is detected.
- Customer Acquisition: Advanced analytics can help banks to acquire more customers through targeted optimization. It also helps develop deeper customer segmentation and profiles for the marketing team to identify the right targets through the right channel.
- Customer Retention: banks have to focus on their customer retention strategies to maximize the lifetime value of their customers. With the help of advanced analytics, banks can delve deeper into customer needs, identify behavioral patterns, and use these insights to arrive at a churn score to take preventive measures for customer retention.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making.
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