Imagine that customers can access their accounts through their tablets, pay on the fly with their smartphones and transfer all their savings to an AI-based portfolio with no fees attached and cross-border payments within minutes.
Now imagine that your rival bank is offering these modern services.
There is no need to imagine anymore, as this is today’s reality.
The acceleration of digital innovation and technology has not skipped the financial industry. Customers expect the same level of service which is the benchmark set by other industries. They demand personalised service, a seamless experience regardless of channel, and more value for their money. Regulators are also demanding more from the industry, enforcing strict data and privacy regulations.
There is no doubt that the customer banking experience is reshaping the financial services sector across all end points: in a physical branch, online, or through a customer’s mobile and wearable devices. One of the biggest challenges this industry is experiencing is that as customers become more digitally connected, they tend to be more demanding and less loyal.
“As customers become more digitally connected, they tend to be more demanding and less loyal”
The loyalty to a single established bank has decreased and customers tend to favor relationships with multiple financial service providers. Snap comparisons and easier, faster switching processes leads to shorter relationship cycles with banks.
Moreover, with the emergence of alternative financial institutions and the venture capital to funding that pours into the Fintech industry, more companies are venturing into this domain and raising competition.
So how should financial service providers adapt to these changes? Deep intelligent insights required to examine the behavioral attributes that drive consumer decisions. This is where predictive analytics comes into play.
Today, financial institutions need to know their customers better than ever and offer customised services, at the right time and in the right place. For example, real-time financing offers could be directed to debit-card-only customers, who do not want to carry credit card debt and have a balance of under $1000. This is relatively easy to analyse, but this group of customers have many other attributes that complete their profile. What if you could accurately target an additional , larger group of customers with the “less” obvious attributes and thereby substantially grow your target customer base, increase conversion rate in less time which leads to higher revenues?
It is expected that AI, machine learning, and predictive analytics will become the drivers of client engagement over the next decade. Financial institutions will engage differently, with more personalised experiences and customised offerings as they leverage their data with fast and accurate predictions.
So what’s keeping banks from using their data to realise the full potential of embedding analytics deep into their culture, decision processes, and business operations? Could it be that the traditional banking culture of data security , risk mitigation and strict regulations has masked the big opportunity that predictive analytics brings?
One innovative solution available in the market today is Endor’s AI-driven predictive analytics platform . It is the first ‘Do-It-Yourself’ tool to enable banking and financial services institutes to forecast any area of their business: Sales, Marketing, Operations, Risk and Strategy. All you need to do is ask a predictive questions and the answer is provided within hours instead of months. Endor’s platform is also the first and only one that can analyse encrypted data without ever decrypting it.
Today, financial service providers must make banking more personalised, real-time and solution-focused than ever before. Start utilizing your data with new innovation to stay on top of your competition.
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How Predictive Analytics Will Transform the Finance Industry in 2019 was originally published in ENDOR on Medium, where people are continuing the conversation by highlighting and responding to this story.
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