One of the most powerful resources currently available to financial services providers is the large amount of data collected about clients. From their demographic information to financial history and past decisions made while working with your firm specifically, the information associated with individual customers is valuable. With the right streams of data and effective business intelligence software in place to analyze them, financial services providers can learn more about clients, develop projections for the future and make accurate predictions about which offerings will be most relevant and desirable.
"Positive changes to engagement can ultimately lead to more revenue from long-term clients."
Boosting client engagement through the power of predictive analytics
An e-book shared by the IBM Big Data & Analytics Hub highlighted both the potential benefits and challenges of using client data to realize a higher level of engagement. When applied effectively, positive changes to engagement ultimately lead to longer relationships and more revenue from long-term clients and create conditions where new customers can provide the same benefits as time passes.
These advantages are only possible when addressed appropriately, however. One major challenge to overcome is making sure the right solutions are used to analyze available data. Another is making a concentrated effort to seek out new streams of information to further fuel predictive analytics efforts. For example, financial services companies that can incorporate social media data into their efforts develop a more complete and nuanced picture of clients, which in turn means more accurate predictions and better returns. As the e-book said, this kind of approach is ultimately more holistic and taps into clients' goals as much as the banks'.
Understanding and anticipating major life events, both in general and specifically related to employment, income and financial decisions, means a greater comprehension of clients. With that sort of advantage – and a strong understanding of how predictive analytics provides staff with useful information and actionable insights – financial services companies can rise above their competition.
Aviana understands the intricacies of predictive analytics and big data in general and, more importantly for financial services providers, how to best apply them in that industry. Our proven track record of assisting organizations with implementing big data and predictive analytics solutions, using the power of IBM's Cognos software, means we have plenty to offer. To learn more, visit our dedicated landing page and check out our success stories for specific examples of how Aviana assists financial services providers.