Predictive Analytics: Think Big, Start Small … Just Start Now!

by Joseph Walent 0

The evolution of how interactions between individuals and organizations are managed has shifted from assessment to anticipation, with more of us coming to expect not just relevant products and services being presented, but guidance and advice based on our present situation and goals. Those institutions actively providing a kind of financial GPS and mentoring service will be able to not only win clients, but cultivate them as well. The article outlines the value for institutions in pursuing such a strategy.

Analysis of these interactions, combined with already available customer insight, provides an opportunity to make banking more personalized, more real-time and more solution-focused than in the past. Advance, predictive analytics can improve the customer experience throughout the digital journey of a consumer, adding value for both the customer and the bank.

Developing and placing financial tools and information in the hands of their clients is one of the central ways FIs will be able to secure a relevant role in the lives of their consumers. By constructing a vivid financial picture, banks and CUs can help their clients to think about financial health and take steps to ensure it, and thereby raise the bar for all. By helping their clients earlier in their financial lives, FIs can best help themselves.

Overview by Joseph Walent, Senior Analysts, Emerging Technologies at Mercator Advisory Group

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