1.00 Indian rupee ₹ Prospect data Marketing for Banking Sector For Ultimate Profit Mumbai

Published date: January 15, 2021
Views: 3
  • Location: Mumbai, Mumbai, Maharashtra, India

Prospect data Marketing for Banking Sector For Ultimate Profit
It is widely acknowledged that the digital revolution spreading to the financial sector is a serious threat to traditional banks. The pace of change over the last decade has left many institutions uncertain about how best to embrace the digital future. In the face of new competitors and technological advances, it is easy to assume that traditional banks will inevitably lag behind when customers turn to challenge banks and third parties to provide financial services and products. It is often forgotten that, as incumbents, large banks have certain advantages that their smaller competitors do not have. Undoubtedly, the biggest advantage is with the data for making Profit. (BBGV1512021)
• Open banking facilitates the sharing of customer information between banks, customers and other third-party providers - changing the relationship between banks and customers. This access to information allows challenge banks and to develop new innovative financial products and services, but traditional banks have ideal opportunities to improve their customer experience with the vast amount of information they hold.
• How to create value for customers with data becomes an important factor in the digital economy. It means creating a more accurate understanding of customers and the context in which they use the services. Communicating with customers about products and services in an appropriate and timely manner and ultimately creating a better customer experience through the value of the information.
• The emergence of cognitive banking A more personal form of banking is beginning to evolve through enhanced data analysis. This ability to gain more value from knowledge through learning, understanding, and analysis leads toward cognitive banking; where artificial intelligence and machine learning change the customer experience. Cognitive banking is fast data and a good user experience and user interfaces for customers. It also includes automated or robotic artificial intelligence used for fast, accurate, cost-effective, and predictable data execution, significantly improving the digital banking process. In the world of digitalization and the digital economy, cognitive banking expresses all digital requirements and more.
• In addition to providing services in this way, banks need to draw conclusions about their engagement strategy with their customers, either directly or indirectly, based on real-time data from multiple sources. This is part of a cognitive banking process that involves analyzing, processing, and generating insights that lead to new products and deeper targeted customer value.
• Switching from big data to fast data Gaining greater value and insight requires quick knowledge. The defining feature of Fast Data is the rapid collection and analysis of data in real time. It is about the ability to consume, analyze, and implement a vision produced from multiple sources of information. Unlike big data, this focuses on storage.
• Fast data is a consumption-driven view and provides a richer context for analysis and decision-making. This will allow banks to provide a better and more personal customer experience. Value of data In the face of increased competition, traditional banks need to make efficient use of data and transform themselves into knowledge-based organizations that provide the data bank. This will lead to better financial products and services for customers that meet their needs and expectations.
• However, banks can go a step further by extrapolating valuable information about their large established customer bases and segments - which challengers do not have. This information can be commercialized by allowing third parties to use segmentation information about their own customer base and detail consumer behavior.
This permissible information, which customers have agreed to share, is an important development. This opportunity to sell insights based on segmentation data offers banks the opportunity to gain a profitable new revenue stream.

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