The financial services industry is a diverse one, with plenty of different institutions and businesses offering a wide variety of products and services. Of course, those offerings are ultimately based on common factors like risk assessment and the suitability of those items for individual customers, whether businesses or individuals.
The most effective way to determine those risk factors and inform your institution’s final decision about a specific client is through data. With efficient analysis and automation designed to give users actionable and useful results, predictive analytics can benefit the entire process. By using powerful, focused business intelligence software solutions like the IBM Cognos suite of products, businesses in the financial services field can position themselves to take better, more productive risks.
One less-traditional area of growth to consider is in marketing, where the same analytical power can be brought to bear for improvements in outreach and connecting with desirable clients.
Improving financial services marketing through effective analysis
“Financial services marketing can be more targeted through predictive analytics.”
Marketing is a universal concern, but the financial services industry has to take many more factors into account than a clothing store or supermarket. As industry publication The Financial Brand pointed out, the prevalence of so much data about individual clients as well as the customer base as a whole means new avenues for marketing. Consider these benefits of a marketing strategy that incorporates predictive analytics:
- Marketing that focuses on good matches between products and customers, instead of a mass-market approach that can attract interested parties that don’t represent good risks.
- More specific and granular outreach and relationship development.
- The potential for better returns through more effective and engaging marketing – customers will come to learn that a new offer or other communication is likely relevant to them.
These benefits don’t just lead to more efficient and purposeful marketing efforts, they also lead to a better relationship with customers. Perhaps most importantly, with some risk analysis performed before an offer is even extended to a customer, there’s less burden to place on staff in the moment.
Working with an industry leader
Aviana has both the knowledge and experience to help financial institutions deploy predictive analytics solutions in a way that provides the most relevant and targeted benefits. To learn more about our work in the industry, visit our dedicated industry page and read the case study about our work with Stearns Lending to learn more.