The Golden Opportunity to Grow Revenues and Profits via Analytics

By Duncan Ash, Senior Director, Global Financial Services, Qlik

There is a golden opportunity for financial services companies to take some of the great analytical insights they generate for people who work in their head offices, and get that information out to the field. This impacts the people who meet customers, the people who sell services, and the people who have a direct impact on revenues and customer experience.

Financial services firms across banking, capital markets and insurance are using data analytics to better understand customer needs, predict future behavior, develop products, and generate sales. But there’s a problem. Many organizations struggle with unraveling the complexity of this information and enabling self-service access to front line employees, the people who establish and maintain relationships with customers. How do your peers handle this problem—and how can you address it in your own organization? Qlik partnered with Wall Street Journal Custom Studios and surveyed 300 decision-makers in financial services regarding their plans to enable front line employees with self-service analytics.Qlik

Some of the other key findings included:

  • 52% plan to carry out a major transformation of their entire analytics function to enable more profitable business outcomes
  • 57% are prioritizing customer-facing functions such as branch staff, front office and advisory roles
  • 83% agree that greater access to analytics contribute to at least a 5% increase in annual revenue

So despite knowing that customer-facing employees are the group who stand to gain the most from analytical insights, their organizations are not making sufficient efforts to get them the information they need.

Lessons learned of the survey were:

  • Companies should make data analytics and training in its uses as priorities for front-line department and employees.
  • Better analytics-based insights strengthen relationships with customers, including greater customer retention and satisfaction.
  • Management can expect significant revenue from empowering employee and analytical tools.

To read the full executive summary by Wall Street Journal Custom Studios on Financial Firms Learn to Love Customers through Data Analytics, visit the Microsite. You will also be able to see the full survey questions and watch the on-demand webinar on this topic.

If you have question regarding this article, please contact Sarah Shackley or call: 215-873-6062.

 

About Qlik

Qlik® delivers intuitive platform solutions for self-service data visualization, guided analytics applications, embedded analytics and reporting to approximately 35,000 customers worldwide. Companies of all sizes, across all industries and geographies, use Qlik solutions to visualize and explore information, generate insight and make better decisions. At Qlik, we optimize Business Intelligence (BI) by harnessing the collective intelligence of people across an organization. We focus on empowering people—by enabling everyone in an organization to see the whole story that lives within their data. www.qlik.com

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