The power of analytics: measure, understand and track
The banking industry is changing and there is a growing interest to explore the significance of analytics. With this in mind, it is important for us to first understand why analytics are important and how they can contribute towards an engaging and effective strategy.
As the traditional product based approach becomes outdated, the need to shift into a relationship based approach with customers has become enormously essential in achieving long term success. With analytics, it offers the ability to measure, understand and track the actions of your customers, meaning you know what they are doing, why they are doing it and when they are doing it. As a result, you can use such data to enhance their customer journey and retention with your brand.
Engagement & Experience
With the digital age calling for higher engagement levels with customers in every industry, the retail bank sector is experiencing the equivalent. Furthermore, the decline in footfall for traditional high street branches and the rise in users for mobile and online banking services has meant engagement and experience have shifted from in store to the online sphere. So how can retail banks use analytics to enhance customer engagement and experience?
As previously mentioned, analytics can provide understanding of what, why and when consumer activities are taking place, stemming from this, banks have the ability to tailor products and promote content at the right time, and products which are relevant, providing a bespoke product offering. Consequently, customer retention can be enhanced, as analytics can drive for contextual experiences for customers, meaning all offering are targeted with a higher chance of adoption. Finally, planning ahead, retail banks can utilise analytics to construct a customer focused platform on a automated function, meaning engagement is constant, relevant and targeted.
If you want to find out more on the power of analytics, join us at this year’s European Banking Forum in May 2017. More information available on the event website: www.arena-international.com/ebf-car or contact us at: email@example.com. See you in May!
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