As banking and financial services companies search for new revenue streams, analytics projects let them deliver more personalized products in a shorter time to market. Analytics help banks present the customer with the right product at the right time via the right channels.

1. Copyright © 2017 Tata Consultancy Services LimitedJune 2017
Banking and Financial Services:
Analytics For Competitive Advantage
PERSPECTIVES VOLUME 8
By K. Krithivasan
President, Banking and Financial Services

2. Using Analytics to Gain an Edge
Generate new revenue streams for
BFS companies
Offer personalized products in a
shorter time to market
Connect disparate data sets through
APIs to create value-added services

3. Achieve Business Flexibility
Learn customer
preferences through
machine learning
and analytics
Fine tune
analytical models
to optimize the
cost of services
Use cloud-based
analytics
platforms to work
with Big Data
workloads
%

4. Extract Value From Unstructured Data
Acquire new data from social media
and mobile apps
Use Hadoop tools to extract
insights from unstructured data
such as call center enquiries
Unstructured data can be dealt with
using a unified data architecture
approach

5. Data Management is Key
Data governance and quality becomes a
key challenge when using Big Data tools
Financial companies need to back up
all data for compliance purposes
Wider use of analytics may lead to
customer data privacy issues

6. Where’s the RoI?
Lack of accountability and a
federated business structure
cause delays in reaping RoI
Some banks haven’t
yet explored the
advantages of
machine learning and
Big Data analytics Organizations
struggle to decide
on the right KPIs to
evaluate the RoI of
analytics projects

7. Make Your Analytics Project a Success
Deploy self-service
analytics tools
Aim at democratization
of data
Use APIs to connect
analytics data to
business processes

8. Copyright © 2017 Tata Consultancy Services Limited
Banking and Financial
Services: Analytics For
Competitive Advantage
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