They say money talks. Well in the world of banking, that is often true. But now, new entrant and challenger banks can breathe a sigh of relief.
Know your customer. It’s the oldest adage in the world but still the most valuable. But understanding the needs, wants, expectations and behaviours of today’s highly demanding and digital customers is tricky for all organisations – and most especially banks.
Banking has transformed (and then some!) in the last 10 years. In the past, banks designed services and customers took what was available. Inertia ruled – and customers largely stayed loyal. Now all that’s changed. New, exciting, personalised banking services are constantly emerging – and the bank that truly understands what different types of customers want and need now and in the future gets ahead and stays ahead. Standing still is not an option! The message is clear; if banks don’t provide the services, security, flexibility and innovation that its customers want and need – they will vote ‘with their feet’ and move to another bank that does. Simples!
But understanding complex customer behaviours, financial requirements and market developments requires highly sophisticated and often complex analysis. It’s a fact that there are some great analytics solutions on the market but until recently, these were incredibly expensive and beyond the reach of all but established banks or ‘well heeled’ new entrants. This put new banks at a disadvantage and hampered them from designing new, responsive, highly personalised solutions. But now that’s changed.
From today, advanced highly sophisticated analytic capabilities will be within the reach of ALL banks.
How? Sopra Steria, a European pioneer in digital transformation, has just announced that it has become a SAS Managed Analytics Services Provider (MASP). This will enable us to offer cutting edge, high-end analytic solutions at a cost effective price point for new entrant banks.
We will include ‘Gold level’ SAS cloud-based analytics solutions as part of our Modular Digital Banking (MDB) solution. This innovative end-to-end, fully functional digital banking solution delivers a ‘step change’ in banking service analytics capability, enabling new entrants to increase their agility and responsiveness. Key features include:
- A real time decision engine with integrated marketing automation and advanced analytics
- Advanced visual analytics capability to create descriptive and predictive models
- Enterprise grade development environment to ensure organisations can meet regulatory compliance requirements both now and in the future
- Data modelling as well as data integration, quality and management capabilities
Interested? Take a look at the Sopra Steria and SAS strategic partnership and find out more about affordable, advanced and innovative analytics that can help you make better decisions faster.
What are your thoughts? Leave a reply below, or contact me by email.