Five Ways in Which the Banking Sector is Planning to Leverage Digital Analytics

Oct 13, 2017

banking sector

Many banking sector companies are investing heavily in digital technologies; as a result of which, conventional banking systems are slowly taking a backseat. The banking sector is more focused on ensuring compliance, customer service, reducing operating costs, and increasing revenue. Using digital analytics, banks can generate customer insights and build a better competitive edge over the other players in the industry.

Tapping the Developing Millennial Market

The millennials account for a considerable majority of the client base for the BFSI sector. The millennials are a digital-native group, who are primarily looking for digital services and convenience. Going digital would not only help banking sector institutions to tap into this population but also use insights from various digital transactions to offer on-demand, trusted, and cost-effective services.

Contact us to learn how we help business leaders make the right decisions using data-driven insights.

Employing Big Data in the Banking Sector

At present, big data is an integral part of the banking sector. With banks collecting a vast amount of customer data, it has become easier to maintain and assess them with big data analytics. The data collected can be used in digital analytics to understand the correlation between different variables and target customers accordingly.

Widening the Digital Channels

Adopting digital analytics will open more revenue channels for the banking sector. Data analytics and artificial intelligence also facilitate better interactions with customers. Banking firms can also use other popular channels such as wearable and mobile devices for directing predictive and prescriptive alerts to customers so that they can respond and interact with banks immediately.

To know more about digital analytics in the banking sector, request a free demo.

Implement Digital Analytics in Compliance and Security

Compliance and security are highly essential in the banking sector as it deals with sensitive customer information. Using digital analytics, many compliance processes can be automated; data analytics can also be used to identify fraudulent and other unethical practices in the banking sector.

Embracing Disruptive Technologies

Many small players in the banking sector are resorting to disruptive technologies to sustain themselves in the market space. However digital analytics will help more significant players to embrace these technologies by identifying market trends and challenges. One of the most popular recent disruptive technology is bitcoins, which is now a widely used mode of payment due to its high level of security.

Ready to Harness Game-Changing Insights?

Request a free solution pilot to know how we can help you derive intelligent, actionable insights from complex, unstructured data with minimum effort to drive competitive readiness, market excellence, and success.

Recent Blogs

Supply Chain Analytics and its Importance for Businesses

Supply Chain Analytics and its Importance for Businesses

Supply chains generate massive amounts of structured and unstructured data, which, when used efficiently, can enable organizations to gain intelligent, actionable insights. Traditional supply chains, that do not make use of data analytics are siloed and slow-moving,...

read more
Four Metrics in the Telecom Industry to Make Smart Decisions

Four Metrics in the Telecom Industry to Make Smart Decisions

What you can expect from the Telecom Analytics Metrics Article IntroductionTelecom Analytics Metrics Highlights of the Telecom Analytics Metrics Article S NoTelecom Analytics Metrics1.Average Revenue Per User (ARPU)2.Minutes of Usage (MOU)3.Churn Rate4.Subscriber...

read more


Our advanced analytics expertise spans across industries, sectors, and functions, which enables us to deliver robust, agile solutions to all our clients. These are our core competencies, formed through years of experience.


Our free resources shed light on our extensive expertise and equip you with information to accelerate decision-making, growth, and innovation.

Talk to us
Talk to us