FinTech businesses have turned Big Data into big money through greater process efficiencies and more consumer conveniences. Here are 5 ways financial institutions can use Big Data to their advantage:
- Analyze consumer opinions and moods – monitoring and analyzing online reactions to products, services and brands help financial institutions better understand consumers, their needs and their demands.
- Gain a complete understanding of consumers – consumer decisions and actions are remarkable in predicting future actions. Once a consumer’s profile is understood, messaging and offers can be tailored specifically for him/her.
- Enhance segmentation – Big Data analysis can unveil new consumer segments, which, in turn, can give great insight into what characteristics and products are important to them.
- Create better offers – sales are reliant on consumer needs. Being able to predict them before competitors will is a huge competitive advantage.
- Strengthen communications – we live in a multichannel world where communication can occur via a variety of ways. Big Data will help determine how consumers prefer to interact and, perhaps more importantly, which channel is responsible for the largest portion of sales.