Customer Analytics in the financial sector
Customer analytics has the potential to enable personalised interaction with customers as a basis for increasing sales and customer value for a financial institution. The knowledge that organisations can derive from their analytics efforts is dependent on the data that is considered in the analysis and how it is prepared for analysis.
Increasingly more organisations are recognising the need for business analytics to harness knowledge about their customers that is hidden in their large data assets. The strategic benefits that analytics can bring to organisations are numerous and its value increasingly apparent to business and technology leaders. The questions that data rich organisations should be faced with are not whether they are doing analytics but rather how “real-time” they are doing it. The imperative for more agile and responsive analytics is driven by a number of factors including:
- • The increasingly volatile business environment (e.g. globalization, accelerated product life cycles, demanding customers, competitive environment);
- • Organisational big data that has been collected and stored but is vastly underutilized for analysis, and;
- • The availability of new technologies (e.g. cloud computing, map reduce, online analytical processing-OLAP, and predictive analytics) that support business intelligence.
About the Author
Gunjan Mansingh is a Lecturer and Undergraduate Coordinator at the Department of Computing, UWI, Mona
