Winning with data : Top analytics use cases for 2017
Data is rising at an incredible pace, covering all aspects of a consumer’s life. In the past two years, more data has been created than in the entire previous history of the human race. (1)
2017 has certainly been the year that data and analytics has redefined the financial services industry. For those financial institutions leading the way in data analytics initiatives, a survey reported that 48% of organizations are achieving measurable results from their data analytics investments – the first time the survey has found a near majority since it began in 2012. (2)
As we look back on data analytics maturity in 2017, here are a few highlights of use cases shared by financial institutions that are experiencing real value—and a substantial return on investment from their analytics initiatives.
Effective Marketing and Segmentation:
Suncoast National Bank, based in Stuart, FL realized that it needed to find a better way to target customers and promote to them more effectively to reduce customer acquisition costs. Combining data analytics and marketing automation software, the end goal was to gain insights into their customers’ future financial needs and behavioral trends. Using customer data analytics, their marketing staff was able to run dozens of targeted marketing campaigns that, in some cases, generated returns on investment in excess of 100 percent. (3)
