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Digital enablement, increasingly stringent regulation, the pace of technology advancement and ever more demanding customers are keeping the most successful financial services companies on their toes.
Meeting the needs of today’s and tomorrow’s digitally savvy customers
Financial organisations understand that success in today’s challenging market is about ‘re-imagining’ everything from a customer point of view. Business leaders know they need to become more proactive at delivering a differentiated, intuitive and streamlined customer service to both retain existing customers and attract new prospects. But understanding complex customer behaviours, financial requirements and market developments requires highly sophisticated and often complex analysis.
Maximising insight from customer data is key to success
Investing in advanced data management and analytics solutions has traditionally been prohibitively expensive, requiring significant investment in specialist skills and resources and within the reach of only the larger players. However, building societies, niche challenger banks, auto finance, credit unions and smaller insurance companies also need to take a more focused and personalised approach to data management if they are to attract new audiences and retain existing customers. Today’s consumers expect a customised, enhanced and distinctive service and will vote with their feet if they don’t get what they want.
Ending the dependency on spreadsheets and manual processes
All too often, systems and processes in these specialised organisations have evolved over time. Information is frequently held locally across different business areas, requiring complex spreadsheets and manual processes to make sense of the data and enable critical business decisions. This worked fine in the past but capturing the interest and attention of today’s new and restless digital native audience requires a whole new way of thinking, working and operating.
Gaining a holistic view of all customer information
What’s more, relying on fragmented information sources means that a holistic view of all customer information simply isn’t possible, hampering the ability to take insightful decisions and positive action. This, coupled with the increasing complexity of regulation (for example GDPR and PSD2) is adding on even more pressure for organisations to store, manage and use their data much more effectively. What’s needed is an easy, accessible and cost effective way for specialist financial services organisations to generate greater insight from their information so they can become more customer-centric and proactive. That’s where Analytics on Demand from Sopra Steria can really add value.