TOP THREE TECHNOLOGIES DISRUPTING BANKING: Analytics
Advanced analytics is among the most disruptive technologies impacting the banking industry, with 57% of banks saying that the disruption level was likely to be high or very high. This is second only to mobility. Innovation in advanced analytics can be seen particularly in areas like credit scoring for lending applications and in personal financial management applications. In the area of advanced analytics the proportion of banks expecting start-ups to have a high or very high impact is 58% for customer intelligence.
Within the analytics space, banks say that customer intelligence, social intelligence and real-time analytics technologies will have the most impact. In each of these areas, more than half of the respondents in our survey believe that the importance is high or very high.
Rating of the importance of analytics technologies by banks
Using a scale of 1 to 7, the categories are High (6 or 7), Neutral (3, 4 or 5), Low (1 or 2)
Some recent examples of successful developments by banks in these areas are:
- Customer intelligence: Kotak Mahindra (India) used advanced analytics including correlation, association, segmentation, and geo-clustering to develop target segments for the revival of dormant accounts.
- Social intelligence: Nedbank (South Africa) developed a social media analytics tool to categorise and report on content and topics from various channels, and provide its social call centre with tools to manage conversations with customers, including complaints, compliments and leads.
- Real-time analytics: mBank (Poland) created a Real-Time Marketing platform with a web analytics tool, a real time engine, and context marketing adjusted on the go. The platform utilizes data from different sources to present relevant advice-like offers and communication in real-time.
Finacle Analytics Solution is an advanced analytics solution that integrates banking data models and new-age open source technologies to rapidly develop and deliver actionable insights. The solution has been developed on the basis of our expertise in the banking industry and provides exclusive analytical solutions to banks with pre-built use cases and business scenarios. Real-time analytics and features like in-memory processing and instant data visualization help banks take faster, data-driven decisions to keep pace with their ever-changing business.
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