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.