Quantzig Offers Advice to the Financial Industry

A recent study from Quantzig, an analytics solutions provider, discusses how banks and fintech firms can use their rich customer data to greater effect. Currently, the study suggests, such companies are not using all of the data they have at their disposal, at least partially because the amount of data is huge and because system stratification makes reaching the data harder. Such companies also have competing priorities, which can lead to a disunified company vision. Quantzig offers several pieces of advice to help mitigate these issues.
 
First, the study suggests that banks and fintech firms should partner up. At present, fintech firms use contextual insights to improve the digital experience of their customers. However, because these firms lack a strong customer base, they can partner with more traditional banks to unify their own advanced technologies with wider customer bases. Such partnerships should lead to more favorable results.
 
Second, these companies need to eliminate friction from the customer journey. Digitalization has made financial products more readily available online. In addition, it has eliminated the barriers to communication with customers and created a convenient customer experience. To meet the expectations caused by this environment, financial companies must leverage insights from the rich data that is available. These insights will give them a better idea of the demographics and channel preferences of their customers.
 
Third, financial companies need to act based on the data they have. Customers now expect real-time solutions to their problems. They also want these solutions to help them save more money and achieve specific financial goals. Thus, financial establishments must use the data at their disposable to improve the customer experience.
 
Lastly, they should use advanced technology to its fullest potential. IoT and artificial intelligence enable the use of big data analytics to solve problems and improve efficiency. Financial market organizations can use these advanced technologies to provide data or share information with their customers in real time. As such, these technologies should prove to be transformational for the financial industry.
 
In addition to these strategies, the Quantzig study explains some of the advantages of big data for banks and fintech firms. These advantages include the prevention and detection of fraud, improved customer segmentation, and more personalized services. All of these advantages underscore the need for financial firms to harness their data and use it properly.
 

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