What You’ll Find in this Case Study:
- Factors Affecting Growth in the Banking Sector
- Banking Sales Forecasting Challenge
- Banking Sales Forecasting Solution Benefits
- Banking Sales Forecasting Solution Predictive Insights
Factors Affecting Growth in the Banking Sector
Despite the growing risks and regulations in the banking sector, leading organizations are looking for possible ways to improve financial performance and further optimize their businesses. The banking sector is highly fragmented, comprising of segments ranging from retail banking, corporate and investment banking, and wealth management. With the rising per capita income, the global banking sector witnessed impressive growth in Europe – accounting for 43% of the global market share. While the banking sector is witnessing a promising growth, organizations are focusing on improving their asset quality. The growth of the banking sector relies on factors such as:
Rising customer expectations: With the recent shift toward the customer-centric environment, the customers are more informed, and banks are facing pressure to deliver the level of service that the consumers are demanding. Moreover, with the rising innovations, the banks are more concerned about staying relevant and updated on the technologies and offer agility and convenience in their transaction processes.
Regulatory pressures: The regulations in the banking sectors are increasing, and banks are witnessing regulatory pressures to allocate a majority of their budgets towards being compliant. Moreover, with the increasing level of competition, leading organizations should focus on building systems and processes to go on par with the service-level requirements.
We help financial service providers to leverage NLP, ML, and predictive analytics to boost efficiency and enhance customer experience, for more information,
Request a free pilotWith the rising impact of such challenges, firms in the banking sector are facing the need to evaluate and improve their operations to keep up with the relative changes in the baking space. Additionally, to identify the economic indicators and forecast the sales, leading financial services providers are utilizing sales forecasting solutions. A reliable sales forecasting solution helps companies accurately predict the future of rates, credit, and loans and work towards fine-tuning their budget variables.
Banking Sales Forecasting Business Challenge
The highest growth rate in the banking sector was registered by North American banks during the financial years 2007-10.
A renowned client in the banking sector that specializes in offering credit cards, loans, and savings accounts wanted to estimate future sales and predict short-term and long-term performance. The client wanted to predict future sales based on past sales data, current economic trends, and industry-wide comparisons. Moreover, the client wanted to rely on a sales forecasting solution to efficiently forecast their business and accordingly manage its workforce, cash flow, and resources. The primary concern of the banking sectorclient was to efficiently allocate their resources to predict achievable sales revenue.
To know more about how our sales forecasting helped the banking sector client,
Request a free demoBaking Sales Forecasting Solution Benefits
Strategies that we recommended based on our analysis to improve sales volume.
The sales forecasting solution offered by Quantzig helped the client in the banking sector accurately predict the achievable sales revenue and profit margins. The solution also offered deep-dive insights into the market opportunity and assisted the client to plan for their future growth. In addition, the solution also sought ways for the client to predict sales data and offer reliable and promising solutions to the customers. The solution also identified the potential key performance indicators that helped the banking sector client track and measure their progress to achieve specific needs and business goals.
Banking Sales Forecasting Solution Predictive Insights
The sales forecasting solution helped the banking sector client to devise top-of-funnel marketing campaigns to focus on lead generation. The client in the banking sector was also able to streamline their content marketing efforts such as email, social media, and blog posts. Moreover, the solutions also offered insights into the current and future market landscape and converted possible leads into customers.
