Tag: Digital Analytics

digital banking services

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 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-

digital banking services

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.

process automation

Digital Analytics in Insurance: How Digitalization & Process Automation Will Transform the Insurance Sector

Insurance, unlike the other industries, is a data-heavy industry with new information sources growing exponentially, offering new opportunities to improve process efficiency and offer super-fast claims payments. Once considered digital laggards, insurers are now upping their game in terms of technology adoption and process automation. However, legacy systems remain a significant hurdle to overcome. The challenge here is not necessarily the lack of an appetite for change, but the insistent role of legacy systems in the current processes. While FinTech firms have little to prevent them from harnessing new technologies, existing insurance industry players must find solutions to overhaul their traditional systems and fragmented processes.

In line with the ongoing developments, digital analytics now presents insurance firms with new growth opportunities and solutions to a previously unmanageable problem- Digitalization and Insurance Process Automation. Digital analytics solutions that combine AI, NLP, and other technologies also play a pivotal role in expanding the boundaries of digitalization and process automation.

Our advanced digital analytics solutions bring together insurance process automation, NLP, and intelligent document processing, and other data extraction and enrichment tools to bring in a holistic approach to automation.

The insurance industry is at an inflection point

The insurance industry is at a tipping point in its evolution prompting businesses to embrace new technology and overhaul outdated business processes to sustain a leading edge. Meanwhile, the rise of aggregators has paved the way for a price-sensitive market, with high customer churn rates and a declining loyalty rate. Compounding these challenges is a more stringent regulatory environment that adds to the cost and compliance burden on insurance firms. The need to drive efficiency of operations amid the crisis has driven a rise in digitalization and processes automation within the industry.

Lack of C-suite support, vision, and necessary skill sets to implement and manage a digitized process environment can curtail the ability to drive change through insurance process automation. Contact us to learn how we can help you.

This article examines the key benefits associated with Digitalization and Insurance Process Automation for the insurance industry. As insurers prepare themselves to adapt to the new normal, insights such as these will help them identify areas to extract maximum value by leveraging analytics in insurance process automation.

Faster claims processing

In the insurance sector, claims processing is often classified as the ‘moment of truth’ since insurance service providers are mostly judged on their promise to pay. When customers experience a loss, they often look for support in terms of fast and frequent updates on the status of their claim. Digitalization and insurance process automation can help meet these demands.

By leveraging process automation and advanced analytics to automate repetitive tasks and analyze data involved in claims management, such as identifying client files, checking documents for completeness, searching claims histories, manual tasks can be reduced by up to 50%. This not just helps shorten the processing time but enhances the quality by streamlining the claims process. This, in turn, can help insurers to evaluate and process straightforward claims in record time, reducing the total cost of a claims journey by as much as 40-45 percent.

Enhanced customer experience

To meet the dynamic expectations of today’s customers, there is a growing need to innovate and enhance process efficiency. With players from the other industries setting the bar high, customers in the insurance sector are now more inclined towards digital interactions and expect insurers to expand traditional channels of communication with intuitive self-service options. This has prompted leading insurance service providers to adopt an omnichannel approach centered around improving customer experience. Based on our analysis, digitalization and insurance process automation can provide an easy solution to this problem, helping insurance service providers to reinvent processes while offering high customer service levels.

Increase your commercial success with smarter strategies, advanced analytics, and actionable insights. Request a demo to gain comprehensive insights into the role of digital analytics in insurance.

demand and capacity planning

Four Digital Analytics Mistakes You Need to Stop Making Right Now

Today, most of the forward-thinking companies have their strong presence on the internet. In fact, websites have become the new address for businesses. One of the key benefits of operating on digital platforms is that companies have access to a large amount of data that they can leverage to track and improve performance. However, a notable challenge of digital analytics lies in knowing what metrics to track, and what value to gain of them. Moreover, the knowledge and expertise required to set up and use digital analytics programs are complicated. The investment for digital analytics tools and required expertise can also be high. Often, despite putting in the best efforts many clients see unclear returns from their analytics programs. This might be due to some of the following mistakes in the company’s digital analytics strategies:Request Proposal

Mistake #1: Unclear goals

The first challenge of digital analytics is not having a specific goal for using digital analytics tools.  Marketers are often unclear on what metrics to track, and what value want to derive out of them. This results in businesses finding it difficult to link their business results with the factors that drive those results. So, it must be ensured that every analytics program answers specific business questions and concerns.

Mistake #2: Choosing overkill analytics tools

Companies tend to believe that choosing over-the-top or expensive digital analytics tools give deeper insights and solve their problems better. And this assumption could prove to be a Demograve mistake for them in the future. Advanced digital analytics tools may offer more sophisticated analytic capabilities when compared to the features offered by fundamental tracking tools. But the big question is whether the business needs all those capabilities or not. The idea is to select an analytics tool that is based on the company’s goals and business needs, not by how advanced the tools are.

Mistake #3: Failing to detect tracking errors

Tracking errors can produce unreliable data and misleading analysis and can hence prove to be devastating as far as a company is concerned. Yet many companies tend to overlook tracking issues when they occur. Tracking errors can occur in the form of the developer mistakenly removing the tracking pixels, transferring incorrect values, and the tracking code firing unstably or multiple times. In order to tackle this problem effectively, companies must frequently check their data accuracy and look for unusual signs in reports.

Mistake #4: Following too many metrics

When companies have access to advanced digital analytics tools and strong computational power, it could become tempting to make the most of the tool by capturing every data point possible. However, following too many metrics can dilute the company’s focus on the core metrics that reveal the pressing needs of the business.


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Top 5 Digital Analytics Trends That Will Help You Rule the Future

In this technological age, digital analytics has emerged as an important tool for the brands to decode the preferences of their audience. The availability of data is what makes the difference between the digital channel and conventional channels like TV or print media. Thus, digital analytics assumes a crucial role in providing an edge to the digital marketers by helping with efficient data analysis. Gradually, companies are getting transformed into data powered organizations from data generators and that is one of the reasons why digital analytics marketing will become a core business disruptor in the days to come. Here are some emerging digital analytics trends that are going to rule in the future.

Top Digital Analytics Trends

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Digital Analytics Helps a Leading Media Buying Company Devise an Effective Online Marketing Strategy and Boost ROI by 3X

What the client wanted: A leading media buying company wanted to determine and analyze their key performance indicators and devise a strategy to optimize the user experience and facilitate maximum conversions.Request Solution Demo

The outcome: By leveraging Quantzig’s digital analytics solution, the media buying company gained critical insights into product-specific marketing strategies that are used in the media and entertainment industry. It facilitated the development of an optimized workflow plan which boosted conversions threefold compared to the media buying company’s former records.


Media and Entertainment Industry Overview

The global media and entertainment industry has been migrating to a completely digital platform, which has functionally increased the scope for a seller to advertise their products or services. This has also facilitated a direct relationship with the customers. Companies are investing more in digital inventories, which has paved the way for the emergence of numerous media buying enterprises. Such enterprises create media placement strategies and develop creative ads to advertise the product of a client online. Their primary goal is to reach target customers in a cost-effective way. However, in the media and entertainment industry ecosystem, the road to growth has many obstacles which the media buying companies are struggling to address.


Industry Challenges

The absence of customer-specific marketing strategies: Any product or service in the market will respond in specific ways with respect to different sections of the demography. Creating a compelling media plan requiresRequest Proposal the company to undertake an audience-based approach, which can help target the right product to the right customers.

Tracking performance and ROI: The lack of performance visibility of online campaigns deters strategizing of an effective and progressive market plan which is in line with the dynamic consumer expectations and market trends.


About the Client

A leading media buying company based out of South America.

Client’s Challenge

The media buying company lacked performance pointers to modify and manage the online strategies of the online campaigns. They required a digital analytics based overview of the consumer trends in order to make their advertisements more customer-centric and influence conversions.


Summary of our digital analytics study

 To gain in-depth insights into our digital analytics solutions for the media and entertainment industry
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Business Impact

Quantzig’s digital analytics study assisted the media buying company in gaining valuable insights into customers’ expectations and their views on digital transactions. It helped them in modifying and creating a smart and a predictive online marketing strategy. The digital analytics study took a 360-degrees approach to give a microcosmic as well as a macrocosmic view of the ever-changing media and entertainment industry. This helped the media buying company stay abreast of the dynamic trends and implement the same in their strategies, which maximized conversions and boosted ROI for their clients.

Digital Analytics Solution Insights

The digital analytics solution offered by Quantzig guides media and entertainment industry firms such as media buying companies to create more hyper-targeted content and advertising and accurately predict consumer behavior. Additionally, a robust digital analytics solution aids in consolidating data from several sources and gain an in-depth understanding of the customers; thereby, facilitating improved performance of online campaigns and generating better ROI.


To know more about how our digital analytics solution helped a leading media buying company

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Digital Customers Experience: Top Picks This Season

In this era of digitization, delivering an extraordinary digital customer experience is one of the factors that can take businesses to the pinnacle of success.  Satisfied customers tend to exhibit deeper loyalty to the brand, spend more, and help companies to reduce their costs. However, the developments in digitization and technology have raised the bar for companies that intend to provide a superior digital customer experience. With most companies hopping on to the digitization bandwagon, customers today expect ‘more and different’ engagement experiences from brands. Companies that are up-to-date on the latest digital customer experience trends have an edge over their counterparts in the market. While there are several digital experience trendsRequest Solution Demo that have been faring well in grabbing more eyeballs, here are our top picks from the lot:

Improvising the mobile experience 

Mobile devices and human beings are now inseparable. This makes mobile media the best platform to reach out to their target customers, even when they are on the go. Digital customer experience through mobile is already at the core of digital marketing strategies, but there is still immense scope of improvement in the space. A recent study shows that customers are less likely to engage with a company due to the bad digital customer experience provided. Top brands are now using techniques such as in-app feedback where they collect suggestions from users for improvisation.

Rise of personalization 

Personalization is one of the best marketing investments today. Today’s customers have plenty of options at their disposal and personalization is one of the best tactics to gain an edge in the market and build a connection with the prospects. With personalization, companies can provide a digital customer experience that gives the user the desired experience and promotes the products and/or services that are truly relevant for them. When you bombard customers with content that is irrelevant to them, customers tend to form a negative impression or lose interest in your brand.

Greater automation with artificial intelligence 

The capabilities of artificial intelligence (AI) is getting bigger and better with each passing year. AI technology is expected to automate more digital customer experience tasks this year, which would give digital teams more time to concentrate on other core tasks. The technology will also be useful in managing cloud complexity that has the potential to not only reduce costs but also provide better security and performance.

Growth of home devices 

Siri, Alexa, and Google are gradually becoming an integral part of most households. These home devices are making consumers increasingly accustomed to centralized voice usage. Home devices are revamping and greatly enhancing the digital customer experience. With the rising competition among big players like Apple, Amazon, and Google to establish themselves in the home devices market, the functionality of these devices will only improve further.       

Self-service analytics 

Big data is a powerful tool for companies to gain an in-depth knowledge of the customer behavior and ways to improve the digital customer experience. However, not everyone in the organization has access to this data or often have limited technical expertise to convert this data into meaningful insights. Companies are now encouraging the use of self-service analytics which is a form of business intelligence where employees are enabled and encouraged to perform queries and generate reports by themselves with minimal IT support.


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CUSTOMER JOURNEY ANALYTICS

Case Study: How a Visual Effects Service Provider Revitalized their Growth Strategy Using Digital Analytics

What the Client Wanted

Leverage digital analytics to set new business goals and invigorate their growth strategies.

The Outcome

Leveraging digital intelligence with the help of digital analytics enabled the visual effects service provider to redefine their business goals. This engagement entailed the extraction of meaningful insights from digital data sources with the help of Quantzig’s flexible diRequest Proposalgital analytics solution. It also allowed the visual effects firm to optimize content offerings, marketing ROI, and their overall business performance.

Overview of the Media and Entertainment Industry

The media and entertainment industry is one such industry where there is no shortage of prognostication around the most essential industry trends. The global media and entertainment industry is fraught with multiple challenges arising due to factors such as low advertising revenues, declining sales, changing consumer preferences, and the ongoing digital transformations.

It is, therefore, essential to focus on the market dynamism owing to the pace at which factors such as content creation, distribution, and monetization are being disrupted in the global media and entertainment industry. Moreover, in today’s world, digital disruptions have turned so universal and palpable that it demands players to acclimatize themselves to the changing industry trends to gain a competitive edge.

Though digital analytics has transformed many industries globally. It not only acts as a tool to cut down costs and enhance customer experience but also helps drive business growth. This makes it essential for media and entertainment firms to seek an experienced company such as Quantzig to assist them in investing in the future by leveraging digital analytics to be a part of an evolving media and entertainment industry landscape.


Media and Entertainment Industry Challenges

  • The ongoing digital transformations: Digital transformations are bringing about major disruptions in various industries. Therefore, any firm operating in the media and entertainment industry will have to invest in augmenting their digital capabilities to sustain themselves in the growing competitive pressure.
  • Enhancing user experience: Organizations face major challenges in enhancing user experiences, which ultimately depends on creating and curating good content. Media and entertainment firms can leverage analytics-based solutions to design and deliver personalized content to their customers; thereby, enhancing their overall experience.

About the Client

A leading player in the media and entertainment industry, specializing in the visual effects segment.

Client’s Challenge

To enhance user experiences and redefine their strategies, the client – a leading visual effects client – approached Quantzig. The client wanted to leverage our vast experience in digital analytics to their benefit and devise effective strategies by integrated data from several sources across their organization. The client wanted to leverage digital analytics to devise a suitable workflow and accordingly set specific organizational goals.

Benefits of our digital analytics solution

Visual Effects

To gain in-depth insights into our digital analytics solutions for the media and entertainment industry

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Business Impact

The digital analytics solution offered by the analytics experts at Quantzig enabled the visual effects client to overcome digital, data-driven challenges. It helped the client to make making more informed business decisions; thereby, enhancing their overall performance. Additionally, the consolidation of digital data offered an in-depth understanding that enabled the visual effects firm to enhance their business strategies.

Digital Analytics Solution Insights

Digital analytics is gaining massive adoption in the media and entertainment industry. Perhaps, it is the most effective analytics based tool, which can help media and entertainment firms to devise key business strategies. However, in order to succeed, companies need to focus on leveraging and implementing digital solutions throughout their organizational processes.


To know more about our digital analytics solutions

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