Use big data to create 360-degree view of consumer

by. Brandon Bogler

There’s no doubt data analytics can be helpful to financial institutions (FIs) in a number of ways. These include identifying the profitability of specific customer segments, isolating consumer behavior trends, developing targeted marketing efforts, determining cross-sell opportunities and more.

It’s also worthwhile to consider how big data, when analyzed properly, can be helpful in boosting “relationship banking” within your FI, by offering more personalized customer experiences and service. This benefits consumers by offering products and services they really want and need; in turn, it helps the FI by bolstering customer satisfaction and loyalty.

While credit unions and community banks undoubtedly understand the importance of personalized service, it’s worth considering ways in which data mining can make this personalization easier.

A recent Forbes article talks about how some FIs are using data analytics to generate a “360-degree” view of consumers, all in the name of customer-centricity. By tracking and deciphering the specific ways each consumer utilizes different banking channels, these FIs are informing the ways in which they will build customized products and service offerings.

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