What do banks seek most from IT solutions in data analytics?

The Asian Banker One Big Question - Vote Today!

The Asian Banker One Big Question is a quarterly debate held as part of our effort to solve practical problems that bankers across the region are facing. Bankers will be encouraged to share key business issues and a community driven debate is organised to find a solution. Industry/subject matter experts are invited to provide their views on the topic before we open up to the floor for our audience to vote, sharing their view. At the close of the campaign, we will organise a teleconsultation session to discuss our findings and conclude the campaign.

What do banks seek most from IT solutions in data analytics?

Understanding customers is the cornerstone to maintaining a sustainable competitive advantage in banking. Bank can no longer wait to embrace the power of advanced analytics to gain insights and evaluate what opportunities are available to assist them in areas such as cross-selling, up-selling and enhancing wallet share. This is the new normal.

Revenue challenged in these turbulent times, banks still face an uphill battle, having to contend with low interest rates, moderate fee revenue and ever increasing regulation. As a result, it will be more important than ever for banks to focus on all possible strategies to reduce costs and increase revenues. Some of these strategies, enabled by customer analytics include:

Improved targeting of customers
Moving from a product to customer focus
Inclusion of customised incentives/rewards to influence behaviour

The answer to these challenges lie partly in the platform selected by banks. Join us now as we embark on another One Big Question Campaign to help you overcome the quandary of selective use of data and analytics tools. Your vote in this poll is important to us.

All Comments (6)

1
9th January 2016 11:02 PM

Using customer data to create relevant solution in a contextualised environment should be the core of any organisation. Increasingly for the future, this means the ability to process a large amount of data and being about to respond to customers in real time.
13th September 2015 08:37 AM

Hi Everyone, my name is Yasar Yilmaz and I am SAP MENA’s Industry Director for Financial Services. First of all, thanks for your contributions by responding to our survey with Asian Banker. In this platform, I would be glad to engage with you to have an open and insightful dialogue. Feel free to ask anything you want and I will do my best to give you detailed inputs with my team’s support here at SAP. I noticed that better ‘decision support’ option is the response majority has chosen in terms of identifying what banks seek most from IT solutions in data analytics. Indeed, with the right information architecture thru a solid Business Intelligence and Real-time data platform transformation strategy, banks can be empowered to run their processes with knowledge that can be leveraged along the processes rather than at the end of processes. We call this the Process Embedded Analytics. Analytics can help business people in such processes for better decision making tremendously.
5th August 2015 08:23 PM