Structuring huge volumes of data so that it can be easily searched and viewed is integral to any financial institution’s success. Not only is it an important part of meeting risk and compliance needs, there are also many ways that banks can use data to generate revenue.
However, with 88 per cent of respondents to the PwC Global FinTech Report 2017 saying they’re concerned they’re losing revenue to innovators, it seems that the adoption of data management technology is much too slow.
The challenge is that much of the rich insight into customers is sitting in file notes, emails or advice documents where the content can be difficult (if not impossible) to sort and analyse.
The potential of data for revenue raising
For banks and other financial institutions, it’s not just their structured data that can afford them insights. Unstructured data is currently going untapped, despite the fact that this information can be used to find opportunities to discover customer goals, generate revenue and upsell.
Customer communications, for example, provide invaluable insight into what a client’s goals are, the current products they’re happy with, and what new products a bank might be able to upsell to them. Creating this total view of a customer is currently difficult – data analytics tools can only go so far when the information is unstructured.
This kind of data isn’t just in emails. It’s in file notes, advice documents, even text captured through web-based apps. Previously, the only way to fully realise the value of unstructured data was by putting an expensive data warehousing solution into place. Not anymore.
The problem is that the information is spread across thousands of locations, hundreds of separate systems and many different databases. Bankers often have little to no access to the data, meaning they are unable to view even fairly simple information, such as how many products a customer has with the bank.Missed opportunities in revenue generation
The solution? A tool that allows banks access to all of their data instantly – no matter its location – at the click of a button. This will go a long way to better understanding customers and their individual needs. It’s also a much simpler and more cost-effective than data consolidation projects, but still gives those working in financial institutions the same access to data.
Click on the image below for more information on the revenue generation opportunities that Frisk’s data retrieval system can create for financial institutions.