Var­i­ous Fla­vors of An­a­lyt­ics

Banking Frontiers - - Cover Story -

BFSI com­pa­nies have rich wealth of data at their fin­ger­tips that can pro­vide in­sights to evolve mar­ket­ing strat­egy, at­tract and re­tain cus­tomers, and boost cus­tomer sat­is­fac­tion. The key, how­ever, lies in how mar­keters gather, an­a­lyze, and lev­er­age that data to achieve de­sired out­comes.

An­a­lyt­ics in mar­ket­ing en­ables fi­nance mar­keters to gain ac­tion­able in­sights that drive re­sults. An­a­lyt­ics in mar­ket­ing helps BFSI com­pa­nies in ROI mea­sure­ment, cus­tomers life­style, iden­ti­fy­ing which mar­ket­ing cam­paign worked and why, mon­i­tor trends for a given pe­riod and over time and fore­cast­ing re­sults.

Fin­care Small Fi­nance Bank uses SEM rush tool for web­site anal­y­sis, key­word back­links and Google An­a­lyt­ics to an­a­lyze web­site traf­fic re­ports, source of traf­fic and av­er­age time spent. The bank also uses Google Search Con­sole to iden­tify pop­u­lar key­words, web­page sub­mis­sion to im­prove traf­fic on web­site and rank­ing on search en­gine.

Moti­lal Oswal has gone one step ahead and has de­ployed an AI backed so­lu­tion for su­pe­rior ex­pe­ri­ence-based ser­vices for en­gag­ing with prospects and clients. The com­pany is now able to man­age var­i­ous touch points that a prospect or a client uses to get in touch with us and pro­vide real time up­dates and no­ti­fi­ca­tions to the user di­rectly on the app.

Ram­nik Ch­habra shows how an­a­lyt­ics helps with con­tent and tim­ing: “The best part about our ca­pa­bil­ity is that it is com­pletely cus­tom­ized as per the be­hav­ior, and dif­fer­ent clients will see data per­tain­ing to their be­hav­ior only. To il­lus­trate, say a client added a stock to his/her watch list. We will be able to send a re­search call to that client the mo­ment it is pub­lished at our end; and only that client will be able to see it. The en­tire pur­pose of us­ing this ini­tia­tive is to make sure that we re­main highly rel­e­vant to the user and un­der­stand his jour­ney from the mo­ment he shows an in­tent to open an ac­count. We are con­fi­dent that this tool will help us to ef­fec­tively pitch our of­fer­ings at the pre­cise mo­ment when the client needs them the most, thereby tar­get­ing a much higher ac­cep­tance and us­age of our ser­vices. This will also ul­ti­mately lead to a sig­nif­i­cantly higher client sat­is­fac­tion and stick­i­ness as the over­all bench­mark of ser­vices will im­prove.”

An­a­lyt­ics also helps con­tain risk. Rakesh Wad­hwa of Fu­ture Gen­er­ali In­dia Life In­sur­ance ex­plains: “We be­lieve that sim­ple is bet­ter; we use an­a­lyt­ics for cross selling prod­ucts. It helps in un­der­stand­ing the life­style of the cus­tomers. It helps in risk man­age­ment, manag­ing frauds and claims.”

An­a­lyt­ics in mar­ket­ing helps the fi­nance mar­keters to learn the value of de­liv­er­ing a con­sis­tently out­stand­ing cus­tomer ex­pe­ri­ence, mar­ket­ing an­a­lyt­ics has emerged yet again as a musthave be­cause of its role in trans­form­ing the cus­tomer jour­ney.

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