Analytics and business intelligence – use the right technology Today’s banks are trying to build more direct and lasting relationships with more carefully selected customers instead of the age old practice of extending services to any customer who comes along. How do banks select their value-adding customers and products for them? Answers lie in the use of analytics.
Banks can use the huge information that is stockpiled in its databases. Mining this database can yield rich information on individual preferences, which would help in segmenting the customer base and providing new products targeting a particular segment. How does a bank pull ahead of the pack? I feel analytics could be the differentiator.