LONDON--(BUSINESS WIRE)--Financial organizations have frequently been the first ones to incorporate new technologies for operational and security enhancements. Specialized analytics solutions allow these companies to leverage the ever-increasing volumes of data available to them and make fact-based, faster, and smarter decisions.
One area of analytics that takes advantage of this data is risk modeling. In an industry that deals with sensitive information and high levels of risk, this is an invaluable tool. Quantzig has found that risk modeling can reduce payment defaults and save organizations millions of dollars.
Financial Analytics Market Trends
Advanced analytics can be used to predict customer behavior and preferences and to improve risk assessment. Also, as banking becomes increasingly customer-centric, analytics become integral to building loyalty and improving retention. Between mobile apps, online banking, and ATMs, there is a wealth of data available to work with, allowing banks to better understand their customers’ preferences and the degree of risk they could pose.
A risk scorecard draws on this data to predict payment behavior of existing and future loan accounts, which can help institutions to optimize collection efforts and reduce defaults. It can identify and segment the good accounts with higher likelihood of regular payment from potential bad accounts with high potential for defaults. By implementing such a system, organizations are reducing payment defaults by as much as 50% and improving collection revenue by millions of dollars.
For more insights, get in touch with Quantzig’s analytics solutions experts
How Can Quantzig’s Customer Analytics Solutions Help You?
Quantzig’s analytics offerings help reduce exposure to risks, fraud, and credit losses, and enable financial institutions to manage risks more effectively to maximize ROI. In addition, risk analytics help clients reduce regulatory compliance costs. Other benefits include early warning signals tracking, fraud analytics, and liability management.
Aside from risk management, customer analytics also provide the ability to reduce customer churn and improve targeted marketing. Quantzig’s services can provide cost savings of up to 20% and improvement in customer satisfaction of up to 25% through in-depth analysis of customer data.
View Quantzig’s success stories: https://www.quantzig.com/banking-financial-services-insurance-case-studies
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.