Mr Emeka Okoye, a Semantic Architect, says big data analytics can become the main driver of innovation in the banking industry.
Okoye made this known on Thursday during the FINTECH Week 2019 held in Lagos.
The theme of the event was – “FinTech: Exploring the huge opportunities”.
The News Agency of Nigeria (NAN) reports that big data analytics is the process of collecting, organising and analysing large sets of data to discover patterns and other useful information.
Okoye said that few banks had embraced the holistic approach of BigTechs to leverage data for keener customer insights.
He noted that instead, banks addressed customer pain points at various touch points, which could create a disjointed experience and a less-than-seamless journey.
The semantic architect said that banks needed data to improve customer experience, drive up-sales and also make them feel valued.
“They need data analytics to increase the ability to addressing and monitoring regulatory compliance, increase transparency and understanding of risk exposures to manage the business more effectively
“It is also needed to develop a risk-adjusted view of performance,” Okoye said.
He said that a data driven business achieved sustainable competitive advantage by leveraging insights from data to deliver greater value to their customers.
Okoye explained that this approach promoted fact-based decision making over intuition and gut instincts.
“When one enables deep analytics in banking, one can gain a multi-layered look at the customer experience.
“One can drill down to things like individual transaction histories, providing eye opening insights. One will be able to see, from a data-enabled viewpoint, what the customers want,” he said.
He said that improving the customer experience required truly understanding your customers and relating to them in ways that they understood.
Okoye noted that this included taking a 360-degree view of their banking customer and leveraging the gold mine of data available to them today through transaction information.
“Transaction information includes checking, savings and credit card transactions; loan draws and repayments; investment positions, balances and customer service data,” he said.
Okoye added that big data could surface campaign strategies to acquiring new customers, track customer response across channels and adjust channel investments.
He also said that insights from big data could drive offers that mattered to individual customers rather than generic approaches with non-optimal returns.
Source: ANA|COMPATRIOT MAGAZINE