Digital Banking Services: Key lessons to Grow, Scale, and Drive Profits using Digital Analytics
As the scope of digital banking services expands with the ongoing developments, providers are facing newer challenges that are significantly impacting customer relationships. This has made it crucial for digital banking services providers to adopt measures and analyze factors impacting digital performance. But the question that remains unanswered is – how can next-gen banking firms […]
As the scope of digital banking services expands with the ongoing developments, providers are facing newer challenges that are significantly impacting customer relationships. This has made it crucial for digital banking services providers to adopt measures and analyze factors impacting digital performance. But the question that remains unanswered is – how can next-gen banking firms make the most of the new digital revolution?
According to our data analytics experts, the strategic use of data can not only drive measurable improvement in customer relationships, but also impact risk management, product redesign, business forecasting, and competitor tracking. And to stay profitable and grow in the new digital economy, companies offering digital banking services must adopt a customer-centric business model, diversify the online delivery of digital banking services, and analyze digital footprints.
As financial service providers realize the importance of digitizing their services, there is also a growing need to prioritize investments in digital analytics. Request a proposal to learn how we can help.
However, embracing a digital analytics strategy requires banks to modernize their end-to-end processes and adopt a customer-centric approach to digital banking. In line with the challenges and market requirements, we bring to you four important steps that can help banking service providers ensure that their move to digital banking services will result in greater customer satisfaction and long-term profitability-
Manage and analyze data: To offer digital banking services that create new sources of value, banks must first understand the digital data that makes up their customers’ code halos
Adopt an enterprise-wide strategic approach: Providing a cohesive, cross-channel experience requires an enterprise-wide approach
Gauge the impact of not adopting digital analytics: Lost opportunity, customer attrition, and stagnation in new-customer growth and product sales
Create an enterprise roadmap: The creation of a digital analytics roadmap is a prerequisite for the implementation of digital banking services
Contact our digital analytics experts for personalized recommendations and solutions insights.
Case in point: How Quantzig Helped Integrate Web Data into the Digital Transformation Initiatives of a Leading Banking Services Provider
A major digital banking services provider based out of North America was undergoing an end-to-end digital transformation for a potential M&A transaction. One of the underlying requirements was to analyze a suspicion of low profitability by examining data anomalies to see whether there were any fraudulent transactions on their mobile and web transaction platforms. This required a detailed analysis of various data sources, including the website and social media. Quantzig’s digital analytics solutions helped them address their challenges resulting in an exponential increase in digital transaction volume from 37% in 2019 to 89% in 2020.
As a result, the client achieved its two-year customer acquisition target within the first four months of operation. Quantzig also helped them transition completely to digital platforms by leveraging data and digital analytics as a core asset to drive business insights, offer personalized services, and stay compliant using best-in-class risk analytics platforms.
Digital Banking Services and Analytics: How banks can capitalize on data to deliver better services
Digital Banking Performance Analysis
Conducting an in-depth performance analysis can help companies providing digital banking services to analyze the performance of digital channels, online and mobile, based on the volume, to gauge the value and percent change.
Mobile Banking Customer Analysis
Evaluate your customers’ transactions and interactions within your mobile channel and identify transaction trends and user behavior using advanced analytics solutions.
Request a FREE one-on-one demo to learn more about our offerings for players in the digital banking sector.
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