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Predictive Analytics, Data Driven Decision Making process for Business Revenue Maximization

Previously, Advanced web analytics were used by few big companies to make calculated decisions based on the analytics derived. However, today with most small businesses preferring to go online, data is present everywhere. These online businesses integrate with atleast one analytics software. This helps us to gauge how advanced analytics are relied upon in today’s world. With this article we would like to present the usage of CustomerEngagePro Analytics in Banking domain.

Banking domain mostly relies on the valued customers. With Banking domain going digital, most of the banks have a huge amount of data that they capture for each customer. However, such huge data if utilized well could be a reason for the banks’ growth and expansion. Predictive Web Analytics Solution like CustomerEngagePro analytics has been designed to keep such a data to optimum usage. Let’s see how CustomerEngagePro can help banks leverage the data?

Predictive Web Analytics for Banking - CustomerEngagePro analytics


Cross-Sell, Upsell and More:
Marketing a product to your existing customers is a challenge. If the customer doesn’t like the cross selling product, there are higher chances of losing the customer’s trust in a longer run. CustomerEngagePro can help the bank draw a pattern and predict the customer’s financial usage. This helps the bank’s marketing team predict customer’s behaviour towards a product and arrive at data driven decision making.

Building Customer’s Trust & Retention:
Any business’s success is measured by the number of active users it has. Once a trust is built, retention is inevitable. CustomerEngagePro analytics helps the bank to analyze the call logs, number of times the customer has logged into the system, number of times customer has requested for a service etc., CustomerEngagePro’s Data Driven Analytics helps in understanding customer’s satisfaction and be ensured of retention. Besides, based on the captured data, banks can also mitigate the risk of losing customers by improving their services.

Segmentation and Precise Targeting:
Segmenting customers based on their age or association with the bank or their visits to the bank etc., plays a major role in precise targeting of the customers. CustomerEngagePro helps to funnel in the customers who fall into a particular segment and helps the bank with the necessary data for precise targeting or running marketing campaigns. CustomerEngagePro’s Predictiveweb Analytics gives the necessary details to the Marketing teams for precise targetingand conversions, thereby leading to revenue maximization.
Data driven decision making Process - CustomerEngagePro Analytics


Fraud Detection and Risk Aversion:
Fraud detection plays a very important role in Banking. CustomerEngagePro Analytics alerts the banks of any suspicious transaction on any account. This prevents the risk for the bank and ensures customer trust is maintained. CustomerEngagePro’s advanced analytics draws a customer usage pattern based on his previous transactions. Any deviation from the pattern shall be alerted to the customer or the bank or both based on the level of sensitivity specified in CustomerEngagePro.

Collections:

CustomerEngagePro’s on premise analytics help in segmenting the customers, especially grouping the defaulters and let the collections teams to work on those accounts. CustomerEngagePro’s capability to ensure data-drivendecision making process helps the banking sector comprehensively, leading towards achieving customer trust, retention and revenue maximization.
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