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Customer analytics is one of the keys to growth in the financial services industry.

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Customer analytics is one of the keys to growth in the financial services industry. Looking into the 360 of a customer is the foundation to the sustainable competitive advantage in both the banking and insurance segments.Therefore, financial marketers can no longer wait to embrace the power of advanced analytics to gain insights and evaluate opportunities that will improve cross-selling, up-selling and enhance share of wallet.

For banks, areas of CASA growth and cost of funds analysis, deep customer segmentation analysis, loans delinquency analysis, branch performance and rationalisation analysis, bank operation excellence analysis and deep location intelligence analysis of a bank in servicing their customers effectively, are some of the common business analytics they would need to operate effectively.

For insurance companies, some of the common key analysis includes sales analytics for channel and producer management, and incentive compensation management. Deep diving into product management analytics and its profitability, underwriting analytics for risk assessment and pricing, claims analytics for valuation, reserving, settlement, recoveries and fraud, are other crucial business analytics an insurance company will depend upon.

In recent years, the application of advanced analytics is surging, and this will create even greater disruption and innovation as more entrepreneurial thinkers continue blending art with science.Analytics will continue to drive innovation in products, business processes, markets, competition and business models.