LONDON--(BUSINESS WIRE)--Quantzig, a pure-play analytics solutions provider, has announced the completion of their latest article on the data analytics strategies to ace in the financial market.
The banking industry has always possessed a huge amount of customer information. Initially, this data was used by the banks for security reasons. But now, this data has become extremely useful to compete and sustain profitability in the financial market. Advanced technologies like big data tools store a significant amount of user data that is highly beneficial for companies in the financial market to maintain and access customer information conveniently. This customer data can be used by institutions to derive important insights on customer behavior and use them to formulate better policies. According to our research, financial companies still lag behind when it comes to utilizing big data to its full potential due to a lack of coordinated vision and competing priorities.
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"Most banks are not able to process the collected data efficiently due to the use of multilayered systems in institutions," says a big data analytics expert from Quantzig.
Continue reading to know more about the complete list of strategies followed by companies in the financial market or request a free proposal to know how our big data analytics solutions can help you.
Strategies that can be implemented in the financial market:
Partnerships between banking and fintech firms
At present, fintech firms use contextual insights to improve the digital experience of their customers. They have simplified the delivery of financial services to build effective solutions that are better than the solutions provided by the big banking conglomerates. Though fintech firms lack a strong customer base unlike that of big financial market players, such as legacy banks or financial firms, these banks have undoubtedly more advanced technologies. By complementing the large customer base of legacy financial firms with the advanced technology of fintech companies, favorable results can be obtained. To gain more insights on the best data analytics strategies for financial institutions, Get in touch.
Eliminating friction from customer journey
Digitalization has enhanced the financial exposure of customers. Now, financial products are easily made available online. Digital mediums have eliminated the barriers to communication with the customers and transformed customer experience. To customize the user experience, financial companies must leverage useful insights from the user data that is available. Such insights will give them a better idea of the demographics and channel preference of users. To know more about the big data analytics strategies of financial companies, request for more information.
Formulating actionable data
In the financial sector, customer expectations are continually rising. Customers of today expect real-time solutions to their problems. The solutions offered should help them in saving more money and achieving specific financial goals. Thus, financial establishments not only need to collect customer data but also use this data to improve the customer experience. To access the complete list of strategies, view the full article here!
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 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 our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
