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Banking and Financial Services: Analytics For Competitive Advantage

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.

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Banking and Financial Services: Analytics For Competitive Advantage

  1. 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. 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. 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. 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. 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. 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. 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. 8. Copyright © 2017 Tata Consultancy Services Limited Banking and Financial Services: Analytics For Competitive Advantage Contact a Consultant Read the Article

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