As we enter the year 2016, Banking industry is going through tremendous change. Consumer expectations are rising even as margins are very thin. What is threatening the survival and growth of the banking sector? Increased competition from non-traditional players, technology (e.g., usage of mobile phones, Analytics), shifts in Consumer behavior and continued changes in regulation. Often Banks are constrained by their legacy systems, hindering innovation at the pace of Consumers and changes in the industry. But it doesn’t have to be so.
Now we have some of the breakthrough Analytics tools and technologies available that can leverage the traditional strengths of Banks with treasure trove of information, to again be relevant and agile.
IBM Demo: Behavior Based Customer Insight for Banking
IBM’s Behavior Based Customer Insight for Banking leverages predictive analytics to help you personalize customer engagement and deliver customized actions. The solution leverages advanced predictive models to analyze customer transactions and spending behavior to more deeply understand customer needs and propensities, anticipate life events, and provide a unique customer experience.