BFSI is a data-driven industry, which obtains large amounts of data from transaction details, helpline data, log data, emails, social media, external feeds, loan data, sponsorship data, audio recordings, video recordings, among other sources. Many institutions are leveraging data analytics to improve user experience, build multichannel platforms, and focus on client acquisition, consumer buying behaviors, business forecast and retention. Data analytics also assists insurance companies in risk underwriting and uncovering fraudulent insurance claims. Data analytics helps BFSI to understand the target clients better and institutions can now tailor their products and services for the maximum appeal to their customers resulting in customer loyalty.
Leadership today need data driven insights to make changes the ever changing business dynamics. They are all veterans in their space but all of them loves to take scientific approach in business decisions that will pay them great dividends and cloud analytics should ease the stress mounting on business decisions. Data analytics assists firms in analyzing past and current data, forecasting future scenarios with possibilities. Data analytics paired with interactive visualizations aid in creating a unified story from data insights and as a consequence, BFSI companies may improve their goods, boost up-sell and cross-sell opportunities, optimize client retention strategies, streamline documentation, detect fraudulent insurance claims, and much more.
With the use of analytics, banks can keep a look at frauds, better ways of customer acquisition and engagement, and customer targeting. Banks and financial firms can discover trends to improve decision-making and eventually drive corporate success by combining the power of predictive analytics with cutting-edge technology such as artificial intelligence and machine learning. Cloud Analytics adds value by throwing light on the right amount of data required for businesses to grow. There are numerous types of cloud analytics tools available and here are a few popular ones:
Website Analytics, Sales Analytics, Financial Analytics, Performance Analytics.
BFSI can also leverage below benefits by being on cloud:
1.Centralized and Unified Approach:
With Cloud Analytics, different teams need not manage different databases and analytics tools. Cloud analytics pulled from an organization’s ERP system allows the entire workforce to work on a single source of information and analytics irrespective of their department or location.
2. Breaks Down Isolation:
The use of a single system throughout the firm increases collaboration between departments and promotes communication across teams for data usability.
3. Increased Processing:
Cloud is operated via powerful servers instead of onsite systems, thus increasing the processing capabilities of the entire organization.
4. Promotes Collaboration:
Cloud is best if used by a bunch of people as it provides a better system for data sharing and collaboration all at the same time. Multiple people can access the same set of documents from across the world without lag and in real-time.
5. Growth and Scalability: With powerful capabilities such as on-demand scaling up/down and maximum flexibility with no on-site infrastructure set-up requirement, the cloud presents tremendous growth and scalability options at the touch of a button.
6. Cost Reduction: Cost reduction is huge when banks use a single system. Housing and maintaining on-premises systems, including IT, software, and hardware, along with other administrative expenditures, is reduced significantly eventually.
7. Enhanced Security: With regular cloud backups at third party servers located at multiple geographical locations, data security is an event of utmost importance that the cloud carries out seamlessly.
Advanced cloud analytics tools not only process bigger data chunks by using technology like machine learning and artificial intelligence but also helps the C-level executives make predictions using accurate analytical outcomes. Analytics can assist in transforming the digital landscape while ensuring compliance and data security. It is becoming an essential component of financial institution performance and helps drive growth and scalability, improve application performance and optimize IT costs.
Identifying the right cloud services and solutions can be tricky. When choosing the right services partner, banks must examine numerous factors, including strategy, regulatory compliance, technological compatibility, and cybersecurity etc. The challenges are always there and will continue to persist and phoenix always raises in adversities. Begin your organization with data-driven insights for business growth with Rapyder – a leading Global Cloud Consulting Partner, helping businesses grow and scale at a pace.
Views expressed in this article are the personal opinion of Jaykumar Soni, Machine Learning Specialist, Rapyder Cloud Solutions.