Note: This article has been updated with more information. It was originally published May 17, 2016
As a services-led financial business, you don’t know what you don’t know. Running financial risk models has become increasingly complex, meaning legacy infrastructure is limited in the insight it can provide.
If you have to wait for 12 hours for a model to run, then just how responsive can you be to the business and your customers and prospects?
The greatest advantage comes when you’re able to extract engagement insight in real-time.
Here are 5 benefits of gaining better data insight:
1. Improve customer experience and retention
Having customer data visually available in real-time makes identifying patterns and predictable behaviours in your customer data easier, allowing you to deliver services attuned to their needs.
2. Increase sales
As consumer trends evolve, having a constant view of patterns as they develop enables you to quickly ramp up financial services to meet demand.
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3. Validate decision making
You can also analyse behaviour profiles and spending habits supporting decision making, strategic business choices, and frontline action.
4. Collaborate as one
Operating as a cohesive unit will connect the customer journey, engaging the collective capability of the business as a whole, leading to a more comprehensive service delivery.
5. Improved operational modelling
Having faster access to data insight will allow you to seamlessly scale to meet the increase in global regulatory risk and reporting.
It also allows you to simplify the investigation and identification of claims and potential security threats by using predictive modelling to assess risk factors and reduce costs.
If you can turn data into a strategic asset to validate decision, you’ll be in-step with you customers and one step ahead of the competition.