The Business Challenge
Today factors such as speed, agility, and access to reliable information have turned out to be key differentiators between successful businesses and the ones that succumb to the growing competitive pressures. Though the traditional business models focus on implementing secure systems that meet key business requirements, they fail to track and analyze customer journeys. This is where user behavior analytics can help.
The banking and financial services sector is on the cusp of a major industrial revolution that is driven by the use of user behavior analytics to effectively track and understand customer behaviors. Top banking firms have already succeeded in augmenting their business data with massive customer databases to identify patterns in user journeys, consumption patterns, and end-user needs. However, there still exists a vast untapped opportunity for banks to develop and integrate an in-house user behavior analytics solution.
We recognize the importance of analytics in today’s complex business scenario, but we also understand the necessity to find realistic, ways to track customer behaviors. This is why we help our clients leverage user behavior analytics to effectively track and monitor user journeys. Get in Touch with our experts for detailed insights.
The client a leading banking firm in Germany, found it increasingly challenging to mitigate risks and track user behaviors. At a time where fraud and cyber risks are increasing at an unprecedented level, banking firms face several predicaments in introducing new banking services. The increasing risks and declining customer trust prompted the client to take definite measures to tackle their challenges by developing an in-house user behavior analytics strategy. However, they lacked the required expertise and domain knowledge to do so and approached Quantzig to help them develop a suitable solution.
Solution Offered and Value Delivered
To help the client tackle their core business challenges, Quantzig’s user behavior analytics experts offered an intelligent, adaptable solution to effectively analyze user journeys. The process began with a detailed evaluation of key business processes and specific requirements of the consumer cards division. Such an approach helped the client to better understand the behavior of individual account holders, calculate risks, and devise strategies to mitigate risks.
The user behavior analytics solution also helped the client to:
- Better understand customer journeys
- Achieve a 3X improvement in the analysis of customer attributes
- Detect anomalous activity irrespective of the type of attack
Today, several untapped opportunities exist for financial service providers to develop and integrate an in-house user behavior analytics solution into their core processes. Request a FREE demo to better understand the potential of user behavior analytics in banking.