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Big Data or Right Data – Which is Better for Banking Sector?

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Each and every industrial sector generates data which can be numbers, images, words, figures, facts or ideas collected from a variety of sources including surveys, interviews and focus groups or other methods for reference or analysis. Banking is one such sector that is always in the process of creating new records for new clients, or doing new deals. This adds up to the data assets of the organization, creating Big Data and the need for document scanning services and cleansing services. The information gained from Big Data helps businesses learn more about their prospective customers and engage with them more personally. With Big Data and its analysis, banking businesses can track client behavior in real time, boost overall performance and profitability, and move ahead in the growth cycle. However, the banking industry is highly competitive, as it is sensitive to political and economic conditions in their domestic countries and all over the world. So, it’s important for these sectors to think about how they can market more effectively.
Big Data or Right Data - Which Is Better for Banking Sector?
The answer is with “Right Data”. That is, even though big data is great for banking, right data makes it better and effective. So,how can we obtain the right data?

According to an article from The Financial Brand, “many industry resources provide demographic and purchase data to help financial marketers better understand who their customer is, at least in general terms. Often, however, such data fails to clarify a specific customer’s needs and how to best reach them.”

To overcome this problem, data mining services can be used to extract valuable information from customer data. Data mining is a key aspect of research and strategy building that helps banking service providers to gather meaningful information and insights from existing data and help marketers understand their consumers. They use data mining to discover relationships among everything from price optimization, promotions and demographics to how the economy, risk, competition and social media are affecting their business models, revenues, and customer relationships.

Today’s patrons are smarter and they expect a good relationship and customized service from their financial service providers or else they’ll end up preferring other providers because they are exposed to many more  options than ever before. The article cites that the smarter the financial sector becomes about data and technology advances and how to deploy personalized communications through segmentation, the greater the level of customer retention and loyalty will be. In turn, this will drive preference and increase market share.

Rather than aiming at vague data, detailed targeting with the right data can deliver a surge in marketing. Moreover, data segmentation also offers marketers the tools to plan media buys and deliver campaigns across all channels, including digital and social. Knowing its top segments, a regional bank can purchase a list by segment, or select digital audiences across platforms to reach more prospects that look like their best customers. This provides scale in a privacy-friendly way that isn’t possible with other methods.

Further, a financial behavior research study conducted over three years can also help marketers understand their consumers. This is a permission-based anonymized consumer data, providing marketers with a more detailed view of wealth and prospective financial behaviors. It also provides a detailed picture of who their consumers are, how they manage their money and spending, and where they tend to spend their leisure time.

Just as any other business, financial entities also find the dynamic technological environment quite challenging. So, to meet the expectations of their customers and the evolving market, they need proper organizational insight. Many companies deal with big data and they utilize data entry services to ensure easy conversion of critical business data into digital format and keep pace with the digitalization trend. Along the path of digital transformation, banks are assisted by data entry companies that have always remained in the forefront with customized solutions. A reputable data entry company helps in processing high quality and accurate data with short turnaround times.  However, with the right partnerships, by connecting customer data with business insights via adoption of innovative processes, and by increasing efficiencies, banks and other financial institutions can grow and transform in keeping with changing requirements.

About Rajeev R

Rajeev R

Manages the day-to-day operations of MOS from NY. With an interest in information technology, Rajeev has guided MOS to extensive use of digital technology and the internet that benefits MOS as well as MOS clients.