Data analytics: The secret sauce for banking success 🏦📊 In today's digital age, some bankers still rely solely on personal relationships. But what if we could combine high-touch service with high-tech insights? At Associated Bank, Chief Analytics Officer Chun Schiros is revolutionizing customer relationships through data: "Relationship managers have hundreds of customers. They can't know them all well. But data analytics can enable deeper and better relationships." Schiros emphasizes data and AI are tools, not the end goal. Her approach? Work backwards from desired outcomes to determine the right analytics strategy. Key focus areas: - Expanding lending and deposit capabilities - Enhancing digital experiences - Developing scalable products and services "Data is not something you can turn into gold overnight," Schiros notes. But with patience and a clear vision, it can become a bank's true differentiator. How is your financial institution leveraging data to enhance customer relationships? Share your thoughts below! https://lnkd.in/e5P9bPJs
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In the finance sector, big data isn't just a buzzword; it's a pivotal resource driving transformative insights and services. Advanced analytics are key to unlocking this potential. Here’s how financial institutions are leveraging big data for a competitive edge: 📊 Enhanced Customer Insights: By analyzing vast amounts of data, banks can uncover deep customer insights, tailoring services to individual needs and preferences. This leads to more personalized and effective financial solutions. Risk Management and Compliance: Advanced analytics enable real-time risk assessment, fraud detection, and regulatory compliance, ensuring safer and more secure banking operations. Operational Efficiency: Big data tools optimize internal processes, from automating routine tasks to predicting future trends, saving time and resources while enhancing decision-making. The integration of big data analytics in finance is not just about handling large data volumes; it's about transforming this data into actionable, strategic insights that drive innovation and customer satisfaction. #BigData #FinanceAnalytics #InnovationInFinance
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📈 🚀 Transforming Digital Debt Collection with Advanced Analytics 📊 A leading credit card provider turned to Firstsource, seeking a solution to enhance digital debt collection. The challenge? Improve results, reduce costs, and make compliance easier. 🌐 The Solution: Advanced Analytics Unleashed Firstsource leveraged its data analytics prowess, analyzing 45,000 historical accounts with the 'Analytics First' framework. Machine learning categorized delinquent customers, revealing 20+ personas and predicting propensity to pay. 💡 Impactful Outcomes: 🚀 2-week reduction in debt collection time 📈 10% improvement in liquidation rates 📊 5% operational cost reduction 💬 Data-driven insights empowered an empathetic approach to debt collection, boosting #CX scores. The result? Positive repayment outcomes and operational efficiency. 👏💼 Know more: https://lnkd.in/g3eRp7_d #FinancialWellness #DebtCollection #DigitalTransformation #DataAnalytics #FinancialServices | Mahendra Karera | Mahesh Shenoi |
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Unveiling the Power of Data Science in Banking: A Strategic Imperative In an era where data reigns supreme, banks are increasingly turning to data science to unlock insights from financial reports and customer behavior. Gone are the days of relying solely on traditional methods; today, the ability to harness data effectively is what sets successful banks apart. Here's why banks should invest in data science talent: 1️⃣ Insightful Analysis: Data scientists possess the skills to dive deep into financial data, uncovering trends, patterns, and anomalies that traditional methods might overlook. 2️⃣ Risk Mitigation: By analyzing historical data and customer behavior, data scientists can identify potential risks and develop proactive strategies to prevent financial losses. 3️⃣ Customer-Centric Solutions: Understanding customer behavior through data analysis allows banks to tailor their services, anticipate needs, and enhance overall customer satisfaction. 4️⃣ Future Readiness: With the rapid advancements in technology, data-driven decision-making is the future of banking. Hiring data scientists now ensures banks stay ahead of the curve and remain competitive in the market. In conclusion, the integration of data science in banking is not just a trend; it's a strategic imperative. Banks that embrace the data revolution stand to gain a competitive edge, drive efficiency, and enhance customer satisfaction. By harnessing the power of data science, banks can navigate complex challenges with confidence and chart a course towards long-term success. #DataScience #Banking #FinancialAnalysis #CustomerBehavior #Innovation #blogpost
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Unveiling the Power of Data Science in Banking: A Strategic Imperative In an era where data reigns supreme, banks are increasingly turning to data science to unlock insights from financial reports and customer behavior. Gone are the days of relying solely on traditional methods; today, the ability to harness data effectively is what sets successful banks apart. Here's why banks should invest in data science talent: 1️⃣ Insightful Analysis: Data scientists possess the skills to dive deep into financial data, uncovering trends, patterns, and anomalies that traditional methods might overlook. 2️⃣ Risk Mitigation: By analyzing historical data and customer behavior, data scientists can identify potential risks and develop proactive strategies to prevent financial losses. 3️⃣ Customer-Centric Solutions: Understanding customer behavior through data analysis allows banks to tailor their services, anticipate needs, and enhance overall customer satisfaction. 4️⃣ Future Readiness: With the rapid advancements in technology, data-driven decision-making is the future of banking. Hiring data scientists now ensures banks stay ahead of the curve and remain competitive in the market. In conclusion, the integration of data science in banking is not just a trend; it's a strategic imperative. Banks that embrace the data revolution stand to gain a competitive edge, drive efficiency, and enhance customer satisfaction. By harnessing the power of data science, banks can navigate complex challenges with confidence and chart a course towards long-term success. #DataScience #Banking #FinancialAnalysis #CustomerBehavior #Innovation #blogpost
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Just wrapped up a transformative project with a top bank in private and corporate banking. Through collaborative workshops and in-depth interviews, we crafted a robust analytics roadmap focused on governance, data literacy, and predictive analytics. The result? Anticipated +10% revenue growth over three years. Curious how we did it? Check out the case study: https://lnkd.in/dRbxYXNe #LTPlabs #privatebank #corportatebank #bank #DataStrategy #BankingInnovation #dataanalytics #analytics
Setting the tone for a personalization strategy in the banking sector
https://ltplabs.com
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Data is the gold mine of modern business! ⛏️ Data analytics helps unlock it, revealing customer trends, maximizing efficiency, and fueling smarter decision-making. #dataanalytics #businessintelligence #datadrivendecision #datascience #banking
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Have read our CEO's blog? Let's take a look at what he wrote: It’s the modern-day 🧭 compass for navigating business decisions. 🚀 Banks have a wealth of 💾 data at their disposal, but it’s only as useful if you have the ability to 🔍 analyze, 💡 interpret and 🏃♂️ act on it. That’s why data science is becoming a must-have skill across all industries – not least in 💰 banking. At Visbanking, we focus on providing actionable business intelligence for the banking industry. To read the full entry, you can consult our website or his LinkedIn profile Brian Pillmore So, what are you waiting for to join this new data revolution? You can send us a message and we can guide you on this new path to make better decisions for your bank. Remember that we are more than data, we are visualized banks. 👁
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In today's financial landscape, #data is the cornerstone of success, and #analytics is the key to unlocking its hidden value. With our expertise, financial institutions can precisely target their offerings, personalize engagements with customers, streamline support processes, optimize pricing strategies, and mitigate risks effectively. By harnessing the #insights derived from analytics, businesses can drive revenue growth, enhance customer satisfaction, and safeguard against potential threats. Ready to harness the full potential of your data? Connect with Veracitiz today and embark on a journey towards data-driven success in the financial sector. read the full blog at https://lnkd.in/d-GEQn9X #veracitiz #BFSI #financialsector #banking
Why the Financial Sector Loves The Practice Of Analytics?
https://veracitiz.com/blog
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In today's fast-paced financial landscape, data is the name of the game! 🚀 Banks and insurance companies have come to realize that a robust data infrastructure is their golden ticket to supercharging operational efficiency, unlocking game-changing insights, and delivering top-notch customer experiences in the era of big data. The COVID-19 pandemic, while presenting numerous challenges, acted as a catalyst for the digital revolution in finance. Traditional brick-and-mortar bank branches faced unprecedented closures, pushing customers, including those from older generations and developing economies, into the welcoming arms of digital channels. But this digital leap also underscored the importance of maintaining those cherished bank-customer connections. But here's the twist handling this data treasure trove effectively remains the industry's biggest riddle. Siloed data is the villain in this story, and even nimble fintech firms aren't immune to its clutches. Conventional solutions like data warehouses and data lakes have their quirks. Enter SCIKIQ: Contextualizing Data is a true game-changer for financial services. ✨ The magic wand breaks down those stubborn silos, gives you access to the whole data shebang, and empowers you to make informed, strategic decisions. In this data-driven era, adopting Data Fabric isn't just an option; it's your ticket to mastering the financial services maze! 🌟 #DataInfrastructure #FinancialServices #DataFabric #DigitalTransformation
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Super interesting article highlighting the importance of data driven insights in meeting clients’ current and future needs. #bankingindustry
From Relationship Manager to Client Whisperer in Commercial Banking
bcg.com
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