How Data Analytics Can Help Lenders to Improve Marketing

1. Created By: James Mary

2. 2 Understanding Your Customers Better...………..............……………………….. 3 Getting More and Quality Leads………………………..................……....……….. 3 Knowing Which Products and Services are Attracting Leads...……........… 4 Building Customer Loyalty and Increasing Retention....……...………...........4

3. 3 Introduction: For the last few years, data analytics applications have been transforming several industries for good, and banking and finance are no exception. Digital transformation in the financial and lending industry has made it easy for lenders to collect and use data for a variety of purposes. Data analytics helps lenders to transform raw data into meaningful, actionable insights so they can better grasp and understand it. Data analytics provides lenders the capability of easily extracting insights from data. It comprises the processes, tools, and techniques of data analysis and management, including the collection, storage, and organization of data. Data analytics apply statistical analysis, predictive analysis, modeling techniques, and technologies to data to find trends and solve problems. Data analytics is becoming increasingly popular in the banking and financial sectors for recognizing, analyzing, and improving credit decisions and marketing. If you’re a bank, credit union, or non-banking financial institution, here are some great ways data analytics can help you to augment your marketing strategy.

4. 4 Benefits and Constraints Associated with Open Finance Understanding Your Customers Better: Marketing about providing the right products and services to the right customer at the right time, and the lenders who really understand customers’ unique financial tastes, preferences are the is all their needs, and ones achieving the most success. Data analytics lenders to analyze customer behavior, spending patterns, predict purchases, and understand the customers purchasing their products and services. Data analytics allows you to collect and analyze the most robust and real-time financial, social, online, banking, cashflow, and other data from multiple sources. It allows you to gain access to insights about customers who are interested or engaging with your products and services in real-time. When you become more data-driven, you’ll be able

5. 5 to personalize your message based on a specific customers’ behavior and need. Getting More and Quality Leads: Identifying sources of needs such as accounting, cash flow, eCommerce, and web, and converting leads into opportunities means you can go out and get quality leads. the best financial, banking, more and If you’re marketing your products and services, you need to find customers who want to buy from you. Advanced analytics helps lenders to recognize what lead-generating content provides the right message and attracts the most amount of paying needs for a specific demographic, region, and area of the customers. Knowing Which Products and Service are Attracting Leads: If you have the information about which products and services your customers are liking or attracting leads, you can better tailor your

6. 6 message for each interaction. For example, if one of your customers visits your website, looks at pages related to small business loans, and then shows their interest in a particular loan product, a team member for the loan department or a marketing representative can start the conversation with information about the loan that was viewed. Data analytics help you access this kind of your customers’ data. Data analytics enables lenders to track visitors and leads, which is extremely important to build a great marketing strategy. Building Customer Loyalty and Increasing Retention: Marketing to loyal customers is generally more beneficial than trying to obtain new customers. Data analytics helps you understand your customers better provide them personalized solutions to improve their satisfaction and experience. and

7. 7 Data analytics enables you to access, analyze and use the most accurate, precise, and relevant data of your customers. Based on the data, you can segment customers and offer customized financial products and services. Data analytics will not only help you identify your customers’ needs and how to keep them on board with your financial institution's products and vision, but also outline the qualities these customers possess to help you target the customers having the same qualities in your marketing efforts to build customer loyalty and increase retention. Sources: ●What is data analytics? Analyzing and managing data for decisions | CIO ●Big Data is Transforming Industries in Big Ways | Tiempo Dev ●Ten Ways Big Data Is Revolutionizing Marketing And Sales | Forbes ●7 Ways Big Data Analytics Can Augment Your Marketing Strategy - Datafloq References: ●https://www.investopedia.com/terms/f/financialinstitution.asp ●https://www.forwardai.com/precise ●https://www.worldbank.org/en/publication/gfdr/gfdr- 2016/background/nonbank-financial-institution

8. 8 ●https://www.sdcexec.com/home/article/10289735/honeywell- international-right-product-right-place-right-time ●https://in.finance.yahoo.com/news/forwardai-debuts-forwardai- precise-lender-130600931.html Related Search Terms: #predictive analytics #business analytics #advanced analytics #prescriptive analytics #predictive analytics tools