Top 3 banking analytics solutions

Over the years, especially in the wake of the 2008 financial crisis, the banking industry has seen significant upheaval. For business tasks to be made simpler, compliance costs, regulatory changes, and risk management must be carefully considered. With the use of banking analytics solutions, important business sectors may be intelligently understood.

SBI integrates analytics with social media

In order to create 60+ models that would assist them in making decisions about financing loans (school, housing, SME loans, etc.), opening branches and ATMs, introducing new programs, and other things, the banking behemoth SBI employs 16 economists and statisticians as of 2015. 

In order to do this, these experts will examine over 120 TB of SBI’s data, look for trends, and then leverage the power of social media to get in touch with their clients directly.

In one of its banking analytics solutions, ET used an example to demonstrate the procedure: “While Rohit was congratulated on his recent promotion by friends, family, and coworkers, he also received appreciation from SBI on his achievements along with a reminder to pay off his college loan.”

ICICI uses analytics and BI in debt recovery

Issues like liquidity and irregular swings in interest rates are constant concerns for banks. They must, however, make sure that consumers are satisfied at all times. Debt recovery is one of the areas that needs attention since it demands the bank to recover loans while still keeping its clients.

ICICI came to realize that their strategy for collecting debts must be cordial. To handle high-risk and low-risk delinquencies using non-intrusive methods like SMS, IVR, reminder calls, or in-person visits. The bank may select the banking analytics solutions for each case and optimize the operations thanks to SAS BI technology.

HDFC practices analytics to understand consumer behavior

In the years 2004 to 2006, HDFC Bank was one of the leading companies in the industry to make investments in banking analytics. To handle their unstructured data source, they established data warehouses using technology. 

With banking analytics solutions, companies could better understand the client’s spending habits, spending patterns, and other financial behaviors. The promotion of need-based offerings that benefit clients and eventually increase the bank’s income may be done based on these facts.

This helped the bank maintain credit histories, spot suspicious activity, increase the number of new accounts opened each day/month, boost the quantity of cash deposited each day, and other things.

Using digital experience platform for  banking analytics solutions

Despite all of its streamlining, the financial sector will always struggle with information overload. Despite continuing to amass huge amounts of data, it has been slow to obtain precise and worthwhile commercial insights. 

In order to make wise business decisions, increase compliance, promote innovation, and discover other hidden potential, banks must implement analytics solutions.   So it is certain that those exploiting a DXP platform will be identified as leaders in the banking industry. 

The banking industry will undoubtedly see beneficial changes as a result of the development of banking analytics solutions and how well-equipped software is in implementing technologies like cloud and predictive analysis.

Request a quotation from SmartOSC Fintech today if you are looking for banking analytics solutions and business intelligence solutions for your bank as well. Contact us right away; we’re pleased to assist!