Financial institutes already carry a lot of valuable customer information.
Financial institutes already carry a lot of valuable customer information. They know customer’s saving and borrowing styles, their income, their transaction frequency, whether they bought mortgage, a line of credit, a car loan, or a 529 plan. All this data is a treasure chest to conduct data analytics and derive insights on each and every customer. These insights can be used to create and promote appealing financial products and services.
SRP’s customer insights platform can quickly help you figure your customer’s financial needs. For example, an increase spending by a customer on their bank debit or credit card might mean they might want to consider a new loan. If there are purchasing many baby products on their bank card then it could mean they have a baby in the house and might want to move to a bigger house. If they open a joint account with a child that could mean they will soon have a child that is going to college and consider offering them a student loan. Data analytics in financial services makes it possible to analyze structured and unstructured data and come up with insights about individual preferences and spending patterns to promote products that acquire customer loyalty.