60% of financial institutions in North America believe that big data analytics offers a significant competitive advantage and 90% think that successful big data initiatives will define the winners in the future.
Banks are Struggling to Profit from Increasing Volumes of Data
Only 37% of banks have hands-on experience with live big data implementations, while the majority of banks are still focusing on pilots and experiments.
Silos of Data Block a Single Customer View
Organizational silos constitute the top barrier to success in big data.
The Skills and Development Gap Needs Closing
Lack of Strategic Focus: Big Data Viewed as Just Another ‘IT Project’
Privacy Concerns Limit the Adoption of Customer Data Analytics
An average company sees a return of just 55 cents on every dollar that it spends on big data.
Customer Data Analytics is a Low Priority Area for Banks
Customer Analytics has Proven Benefits from Acquisition to Retention Processes
Banks that apply analytics to customer data have a fourpercentage point lead in market share over banks that do not.
Big Data Analytics Helps Maximize Lead Generation Potential
Advanced Analytics Improves Credit Risk Estimation by Exploring Diverse Datasets
‘Next Best Action’ Analytics Models Unlock Opportunities to Drive Top Line Growth
Predictive Analytics can Improve Conversion Rates by Seven Times and Top-line Growth Ten-fold
At US Bank, analytics enabled a single customer view across online and offline channels, which improved the bank’s lead conversion rate by over 100%
Big Data Analytics Helps Banks Limit Customer Attrition
Transformation across Culture, Capabilities and Technology is Critical for the Success of Big Data Initiatives
Drive a Shift from a ‘Data as an ITasset’ to a ‘Data as a Key Asset for Decision-Making’ Culture
Develop Analytics Talent with a Targeted Recruitment Process and Continual Training Programs
Establish a Strong Data Management Framework for Structured as well as Unstructured Data
Move Up the Analytics Maturity Curve with Three Sequential Controlled Steps