The Fine Art of Analytics

While business analytics and the art world seem like they have little to do with each other, in fact they share a number of key characteristics: Visibility is the first shared characteristic between analytics and art. If the paintings of Picasso or van Gogh had never been seen by anyone except one collector, they would neither be Read More

By |2020-05-27T18:00:44-05:00March 5th, 2014|Comments Off on The Fine Art of Analytics

Getting Big Data Right for Smaller Banks

Over the last year, we have spent time visiting small and mid-size banks across the U.S. to understand their current approach to managing their retail banking operations and their marketing approach to cross-sell, up-sell and retention. We found that while the larger banks have made significant headway in using big data and predictive analytics to improve sales Read More

By |2020-05-27T18:01:01-05:00October 7th, 2013|Comments Off on Getting Big Data Right for Smaller Banks

Predictive Analytics for Hiring

Wells Fargo & Co. has found a more effective way of hiring candidates who will more likely perform better and stay longer – by using predictive analytics in its selection process. “We thought we should have a more customized solution, as Wells has a very unique culture around needs-based selling and customer service,” says Sangeeta Doss, senior Read More

By |2020-05-27T18:01:02-05:00September 6th, 2013|Comments Off on Predictive Analytics for Hiring

Putting Transformation First for CRM

By the late 1990s, many banks understood the deficiencies of the product-centric model and began to consider the transformation needed to become customer-centric. The idea of customer-centricity required a completely new approach to the banking business – product customization, new distribution channels, more access to bank staff, a different mentality among customer-facing staff and new performance measures. Read More

By |2020-05-27T18:01:04-05:00June 24th, 2013|Comments Off on Putting Transformation First for CRM

Using Analytics for New Product Design

As the financial services industry emerges from the great recession and adapts to the new regulatory and slow-growth environments, financial institutions are being pressured to find new ways to generate revenue. The data that financial institutions hold is incredibly valuable and leveraging it to attract and retain business may be one of the best ways for institutions Read More

By |2020-05-27T18:01:04-05:00June 19th, 2013|Comments Off on Using Analytics for New Product Design

Why Big Data Will Not Solve Your Problems

Having more data is unquestionably valuable, but data has been “Big” for a long time now and simply collecting huge volumes of data does not give you a competitive advantage. Where you gain an edge is being smart in how you use the data. Here are two areas where retail banks could be doing better: More Branch-Focused Read More

By |2020-05-27T18:01:04-05:00June 3rd, 2013|Comments Off on Why Big Data Will Not Solve Your Problems

Why All Banks Will Change Core Systems

There’s a theme that keeps cropping up at most conferences I attend around the remodeling of banks. It came up again today in a discussion about data leverage at the Asian Banker Summit, and it occurred to me again recently, when I chaired the future-focused day at IPS 2013. The theme is how do you turn a Read More

By |2020-05-27T18:01:04-05:00May 21st, 2013|Comments Off on Why All Banks Will Change Core Systems

Improving Retail Sales with Analytics

Retail banking has never had to focus on a comprehensive sales process. Because of profits from margin, loans and fees, banks have historically never felt a need to ensure customer loyalty through multiple account commitments and have shied away from proven sales methods found in other industries. However, now that the market has become competitive, the lack Read More

By |2020-05-27T18:01:05-05:00May 15th, 2013|Comments Off on Improving Retail Sales with Analytics

Big Data, Culture and Community Banks

Who doesn’t love data? Banking has loved data long before we enshrined it as Big. Everybody knows data is powerful. But so is culture. Whether it’s visible and explicit or just “how we do things around here,” culture dictates what data is discussed, trusted and valued – and whether data gets transformed into actions that drive revenue, Read More

By |2020-05-27T18:01:05-05:00May 13th, 2013|Comments Off on Big Data, Culture and Community Banks

Big Regulation’s Big Data

In March 2012, the Obama Administration announced its Big Data Research and Development Initiative. The program involves a total of over $200 million in new commitments from several departments and agencies to improve the federal government’s ability to make meaning out of the astoundingly large amount of data available to it. Notably absent from the list of Read More

By |2020-05-27T18:01:05-05:00May 8th, 2013|Comments Off on Big Regulation’s Big Data