In a time of diminishing customer trust and loyalty, intense competition for market share, and ever-expanding regulations that require new levels of reporting and risk management, banks are under great pressure to adapt and evolve. By finding new ways to effectively face these challenges, banks can significantly improve their ability to increase revenue, profitability and growth.
Business analytics can help banks address these challenges in three key areas:
- Customer analytics – Anticipate customer needs, understand profitability at an account level, improve marketing effectiveness and personalize service interactions to optimize the interconnected factors that affect customer lifetime value.
Read the IBM Customer Profitability Analytics solution brief - Operational efficiency – Use advanced analytics and business intelligence to gain actionable insights into business and financial performance, improve payments processing and fraud detection, reduce costs and respond more quickly to market and regulatory changes.
Read the The Shift to Analytics: The next wave for transaction banking - Risk management and compliance – Better understand, govern and communicate risk across the enterprise, integrate risk insights into daily decisions, and address regulatory compliance requirements with IBM OpenPages Operational Risk Management and GRC platform software and Algorithmics, an IBM company, financial risk management software.
Read the white paper Four steps to effective risk and compliance management for financial services
Why IBM Business Analytics for banking?
With superior products, best practices and deep industry expertise, IBM Business Analytics has the software and services to help banks achieve maximum value and ROI.
- Using advanced analytics to profile and segment target customers, First Tennessee Bank improved marketing effectiveness by 600 percent.
- Using financial analytics to streamline statement creation, First Command Financial Services accelerated month-end updates by over 500 percent.
- Using business intelligence to create an online credit risk tool, Argos Risk generated an annual business value for each customer of $855,000.
