Tapping into high-performance analytics and sentiment analysis the next frontier for banks ready to take the leap.
May 08, 2013 | Levina Lim*The complete “Leveraging Data and Analytics for Customer-Centricity and Innovation” survey can be downloaded at the bottom of this page.
Asian Banker Research recently conducted a survey of senior bankers in Asia on the use of data and analytics across the key areas of finance, risk and marketing. The purpose of the survey is to determine how banks are utilising analytics to gain customer insights across various areas of banking. The survey covered mature markets such as Australia, Hong Kong, Singapore and emerging markets such as Indonesia and Malaysia.
Customer centricity remains to be a central theme in banking today, as evidenced by the increasing number of banks attempting to shape their banking operations, data and analytics around the customer. How successful are Asian banks in this regard? Asian Banker Research shows that the average bank in Asia is struggling with channel expansion while more advanced banks are optimising their enterprise architecture and building a customer-of-one proposition.
To effectively shape analytics around customer-centricity, banks must undergo a transformative journey from an account-centric to a customer-centric framework and their IT infrastructure and operating models have to change along with it. Some banks have opted for the risky path of core banking transformation, which has the potential to cause massive operational disruptions if not carefully done. One of the best known examples is Commonwealth Bank of Australia’s recently concluded four-year core banking transformation led by CIO Michael Harte. UAE’s Bank Mashreq also undertook a similarly risky core banking transformation program in Qatar, UAE, Bahrain and Kuwait.
Other key focus areas in data and analytics include new generation internet banking, social media and Big Data. Some banks have successfully integrated social media with banking products and services on their internet banking platform. One such bank is ICICI B...
Categories:
Australia, Channels, Customer Centricity, Data & Analytics, Data Management, FSI Customer Relationship Management , Hong Kong, Indonesia, Singapore, Taiwan, Technology & Operations, UAEKeywords:Real-Time Analytics, CBA, Bank Mashreq, Sentiment Analysis, Big Data, ICICI Bank, Citibank, LBD, OCBC, HSBC, ANZ
