13 Jun Banks analyzing Big Data to learn about customers
This blog previously discussed how marketing campaigns have made the adjustment over the last few years to account for Big Data. With more information available to businesses creating the advertisements, they can create more specialized and fine-tuned pitches to customers.
The financial sector, though, is also integrating Big Data into normal operations, as banks can benefit from having a more thorough understanding of their clients. According to a Forbes contribution piece, more financial institutions are using the information to forge better customer relationships.
Forbes cited a report from the International Institute for Analytics, which said that interviews with Wells Fargo, Bank of America and Discover all yielded similar results.
"They are monitoring customer 'journeys' through the tangle of websites, call centers, tellers, and other branch personnel to understand the paths that customers follow through the bank, and how those paths affect attrition or the purchase of particular financial services," the report said.
Forbes explained that by looking at information such as website clicks, transaction records, bankers' notes and voice recordings from call centers, banks can better understand what a customer goes through in their financial journey. From there, organizations can make any necessary adjustments to improve the experiences.
For Bank of America specifically, the report explained that the company is taking in data to find customers who have a credit card or mortgage and might benefit from refinancing through a competitor. Then, BOA can make the consumer an appropriate offer when he or she calls the bank for more information.
Financial institutions can take custom database software and ensure that when they use Big Data, they are able to properly track the information in an organized fashion. FileMaker development programs can also assist companies in making sense of all captured data.