Big Data & Customer Service In Banks
Big Data has often been credited with the ability to improve companies’ profits by seeing exactly what customers want and finding more efficient ways of doing business. But, this data can help incease profits in other ways as well, including by helping businesses improve their customer service.
A Computer World article explained how banks can benefit from following their customers’ data more closely. With Big Data, banks and other services can keep track of what individual customers’ histories and what they expect and need, so bank employees can see how to best assist clients during the lending or investment process.
“By tapping into data, banks can also provide bill reminders, advice at tax time and even celebrate with customers when they start or finish home loans,” Karen Ganschow, of Australian bank Westpac explained to the news source.
At the same time, it is important to remember that the quality of data and how it is used is more important than the quantity, Wade Tubman, a principal at data analytics company Quantium said.
“It’s about going beyond using data for core business and core analytics and actually developing entirely new products, revenue streams and potentially new businesses,” Tubman explained.
For banks, having a stronger sense of customers’ backgrounds through data aggregation software and decisioning software can not only help banks make a more accurate decision about whether they are qualified or not, but it can also improve customer service. Combined with high-quality data and other information, banks can increase their number of customers and make better decisions with those clients, improving the overall bottom line.
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Big Data has often been credited with the ability to improve companies' profits by seeing exactly what customers want and finding more efficient ways of doing business. But, this data can help incease profits in other ways as well, including by helping businesses improve their customer service.
A Computer World article explained how banks can benefit from following their customers' data more closely. With Big Data, banks and other services can keep track of what individual customers' histories and what they expect and need, so bank employees can see how to best assist clients during the lending or investment process.
"By tapping into data, banks can also provide bill reminders, advice at tax time and even celebrate with customers when they start or finish home loans," Karen Ganschow, of Australian bank Westpac explained to the news source.
At the same time, it is important to remember that the quality of data and how it is used is more important than the quantity, Wade Tubman, a principal at data analytics company Quantium said.
"It's about going beyond using data for core business and core analytics and actually developing entirely new products, revenue streams and potentially new businesses," Tubman explained.
For banks, having a stronger sense of customers' backgrounds through data aggregation software and data engine software can not only help banks make a more accurate decision about whether they are qualified or not, but it can also improve customer service. Combined with high-quality data and other information, banks can increase their number of customers and make better decisions with those clients, improving the overall bottom line.
[:it]Big Data has often been credited with the ability to improve companies' profits by seeing exactly what customers want and finding more efficient ways of doing business. But, this data can help incease profits in other ways as well, including by helping businesses improve their customer service.
A Computer World article explained how banks can benefit from following their customers' data more closely. With Big Data, banks and other services can keep track of what individual customers' histories and what they expect and need, so bank employees can see how to best assist clients during the lending or investment process.
"By tapping into data, banks can also provide bill reminders, advice at tax time and even celebrate with customers when they start or finish home loans," Karen Ganschow, of Australian bank Westpac explained to the news source.
At the same time, it is important to remember that the quality of data and how it is used is more important than the quantity, Wade Tubman, a principal at data analytics company Quantium said.
"It's about going beyond using data for core business and core analytics and actually developing entirely new products, revenue streams and potentially new businesses," Tubman explained.
For banks, having a stronger sense of customers' backgrounds through data aggregation software and data engine software can not only help banks make a more accurate decision about whether they are qualified or not, but it can also improve customer service. Combined with high-quality data and other information, banks can increase their number of customers and make better decisions with those clients, improving the overall bottom line.
[:es]Big Data has often been credited with the ability to improve companies' profits by seeing exactly what customers want and finding more efficient ways of doing business. But, this data can help incease profits in other ways as well, including by helping businesses improve their customer service.
A Computer World article explained how banks can benefit from following their customers' data more closely. With Big Data, banks and other services can keep track of what individual customers' histories and what they expect and need, so bank employees can see how to best assist clients during the lending or investment process.
"By tapping into data, banks can also provide bill reminders, advice at tax time and even celebrate with customers when they start or finish home loans," Karen Ganschow, of Australian bank Westpac explained to the news source.
At the same time, it is important to remember that the quality of data and how it is used is more important than the quantity, Wade Tubman, a principal at data analytics company Quantium said.
"It's about going beyond using data for core business and core analytics and actually developing entirely new products, revenue streams and potentially new businesses," Tubman explained.
For banks, having a stronger sense of customers' backgrounds through data aggregation software and data engine software can not only help banks make a more accurate decision about whether they are qualified or not, but it can also improve customer service. Combined with high-quality data and other information, banks can increase their number of customers and make better decisions with those clients, improving the overall bottom line.
[:tr]Big Data has often been credited with the ability to improve companies' profits by seeing exactly what customers want and finding more efficient ways of doing business. But, this data can help incease profits in other ways as well, including by helping businesses improve their customer service.
A Computer World article explained how banks can benefit from following their customers' data more closely. With Big Data, banks and other services can keep track of what individual customers' histories and what they expect and need, so bank employees can see how to best assist clients during the lending or investment process.
"By tapping into data, banks can also provide bill reminders, advice at tax time and even celebrate with customers when they start or finish home loans," Karen Ganschow, of Australian bank Westpac explained to the news source.
At the same time, it is important to remember that the quality of data and how it is used is more important than the quantity, Wade Tubman, a principal at data analytics company Quantium said.
"It's about going beyond using data for core business and core analytics and actually developing entirely new products, revenue streams and potentially new businesses," Tubman explained.
For banks, having a stronger sense o
f customers' backgrounds through data aggregation software and data engine software can not only help banks make a more accurate decision about whether they are qualified or not, but it can also improve customer service. Combined with high-quality data and other information, banks can increase their number of customers and make better decisions with those clients, improving the overall bottom line.
