How data analytics can help banks create value from transactional data.

Data analytics as a success factor in the customer relationship

More and more banks are adopting a customer-centric rather than product-centric approach. To ensure that customers receive tailored, individual advice, existing transaction data must be analyzed intelligently using data analytics – for example, to exploit life-changing moments for the customer relationship.

But many banks are still struggling to leverage the existing treasure trove of data from the data lake to improve customer experiences. Aleksandar Jeremic, Managing Director of fino digital, explains in a guest article in how innovative account analysis solutions can be easily integrated into the advisory process to create real added value from data.

“Traditional banks have to hold their own against digitally positioned neobanks, which are generally more cost-effective. They can succeed in this with personalized advice including individually tailored offers and personalized customer experiences. A good way to better understand customer needs is to leverage account transaction data, as it almost completely reflects their lives.”

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