Analytics has become an important part of every core function around us. Banks and financial institutions are also understanding the immense value that data driven insights bring in. With much of the data revolving around customer behaviour, analytics gives us key insights into understanding our target audience better. As a result, banks and insurance companies can improve their product offering, enhance customer loyalty, dish out relevant up-sell and cross-sell offerings, reinvent customer retention schemes, screen applications, simplify documentation, put a check on fraud detection and so much more.Going a step ahead, predictive analytics helps banks and insurance companies to analyse current data and predict future outcomes. Having better control over future planning is definitely of significant value.A good data analytics software, augmented by interactive visualisations, can help you tell a cohesive story from extracted insights.Let’s understand how predictive analytics is revolutionising the banking sector:1. Fraud DetectionFraud is a huge and growing concern for the banking and financial industry. Digitisation has led to more increase in the number of bank-related cyber crimes taking place. This puts customer identity at risk as well as adds to the cost for banks and insurance companies. Financial institutions are increasingly using advanced algorithms and big ...
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