The trend of making services customer-oriented is a direct result of rising demands among customers for better services, and the best way for banks to achieve it is through the use of analytics. Technology is the most crucial aspect of the digital age, but so are the customers and their changing expectations on service providers. Improved customer services enhance business opportunities and increase brand value, due to which banks are prioritizing it.
Under the traditional approach, banks collected customer information to build databases that could be used to disburse services. Now, customer data has become easily accessible, and analytics solutions are empowering banks to leverage the data for improving customer services.
The use of analytics in the banking sector is not new. Several processes are already using data analytics solutions to hike the efficiency of operations across departments. However, the potential of analytics in improving customer service is incredibly high, making it an indispensable tool for banks. The following list throws light on the factors which make analytics important for CIOs in their quest to help banks improve customer service.
• Handling Vast Data Volumes Effectively
There are several constraints when it comes to handling analytics through traditional approaches. With the exponential rise in the amount of customer data available with banks, manual analytics is out of the question now. Advanced data analytics solutions are equipped...