NOVEMBER 2017CIOAPPLICATIONS.COM8VOLUME-TO-VALUE: THE ANALYTICS PROMISEhe use of analytics in banking and finance is a hot topic of discussion today. There have been numerous conferences with audiences growing every day. Analytics in banking is clearly not just a matter of interest for chief data officers, because data analytics can have a significant impact on the overall customer experience.Analytics enables users to ensure that a customer has the right products and services. The buck doesn't stop there, however. Analytics has also become a crucial tool in combating fraud and false claims in the banking sector. Banks are now smarter, backed by solid data-driven methods to ensure they minimize issues through their screening mechanisms. The reason most organizations turn to analytics isn't so much a lack of data as it is a lack of integrated data. The greatest opportunity for analytics in the banking sector may be the power it provides in terms of data quality. Banking institutions face the challenge of transforming disparate data storage units into an integrated processing machine that tells a story. The Power of Data Science in BanksData analytics builds a picture for banks that helps them study workflow intricacies that may have otherwise gone unnoticed in a flood of reports, schedules, and processes. For example, an enterprise project management system for banks tells them about the status of a project, factors affecting its implementation, the progress since commencement, and its current stage. Marry this system with a powerful data analytics tool and you have a single-pane-of-glass-view of your projects and processes that facilitates quicker service delivery and project completion. Data analytics can also be crucial when it comes to knowing your team and studying their performances both individually and collectively.On the external side, transformation of data into knowledge has long since helped banks understand their customers on a more personal level. Prior to the popularity of analytics, bespoke products that touched the customer on a personal engagement level were rare in the banking sector. Data-driven financial modeling and marketing campaign optimization are key building blocks to marketing ROI for IN MYVIEWURSULA COTTONE, CHIEF DATA OFFICER, CITIZENS BANK [NYSE: CFG]T
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