In every market, connecting with customers, creating positive engagement and retaining them in the long term are critical considerations. For highly regulated industries like financial services, it can be significantly more difficult to address these concerns. Myriad rules and legislation can make it difficult to offer products and services substantially different than those provided by competitors. The edge in this field can often come from steering patrons toward best possible match for their needs, taking a number of general and specific factors into account. In many instances, educated, relevant recommendations stem from the use of predictive analytics and business intelligence software.
"Effective anticipation through predictive analytics provides a real value for customers."
Understanding and anticipating customer needs
Financial service providers with the technological capability to derive insights based on historical and current customer data and decisions have a real advantage over those that don't. The power of predictive analytics allows financial services companies to understand more about their customers, what decisions they're likely to make in the future and where their current situation may lead to. This is one major element of effective connections with patrons, as highlighted in an infographic from the IBM Big Data and Analytics Hub.
When businesses can anticipate a number of different events in the life of a customer – from the short-term need for an additional line of credit to opportunities for investments, additional accounts and other offerings – they can appear more relevant and useful. This in turn encourages positive feelings toward the financial service provider, like a sense of trust and a desire to continue the relationship – or even expand it. Effective anticipation through predictive analytics provides a real value for customers, ideally presenting them with sensible and attractive options just as soon as or slightly before the patrons themselves completely recognize the related need or desire. When clients recognize your company as one that effectively anticipates and responds to their needs, that benefit extends to the business as well.
Aviana knows how important early identification of a number of factors, from risk to upsell opportunities, are in the financial services industry. Our experience in the field helps us understand the unique needs and desires of companies filling a variety of financial services roles and assist them accordingly. Read more about our approach and past successes by visiting our industry page.