How Analytics Can Transform the US Retail Banking Sector
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Banks can leverage analytics to transform their retail operations and move to higher profitability and customer satisfaction.
![1 Forces Driving Growth of Analytics in Retail Banking Coming of an Era of Compliance ,[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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How Analytics Can Transform the US Retail Banking Sector
- 1. How Analytics Can Transform the U.S. Retail Banking Sector Cognizant Research Center | September2011
- 3. Banks now need to report information that goes beyond historical data. It needs to be risk-based and predictive. New systemic oversight allows regulators to ask for information on an ad hoc basis.
- 5. Post the global economic crisis, the U.S. savings rate has trended up, while household debt has decreased. This trend is expected to continue, putting pressure on banks’ margins.
- 6. Despite the financial strain from the crisis, Generation Y, or millennials, have taken to technologies such as smartphones in a big way. They prefer online banking to in-person branch banking and value good service.Source: TowerGroup
- 8. This generation has eagerly adopted new technology, especially smartphones, and embraced social networks in big numbers.
- 9. This generation puts an emphasis on online service capabilities.
- 11. Gain insights into what makes them unique and put this insight to use to gain a competitive edge.
- 12. Drive a customer-centric strategy and improve customer-focused activities.
- 15. Banks can predict future scenarios by juxtaposing historical data against expected events.
- 16. Banks can predict if an upcoming product can make the cut in the newly regulated market or predict the kind of response it could generate. This also helps in better capital allocation.
- 19. This data needs to be processed quickly into information. Advances in cloud computing could answer these questions.
- 21. Banks must invest in the right talent pool to create analytical expertise.
- 23. Financial services firms are already ahead of the curve in adopting the cloud
- 25. Develop A culture of fact-based decision-making.
- 26. Capitalizing on unique data creating an approach that works for them, instead of copying the competition.
- 27. Continuously renovating and renewing analytics implementation.