Big Data will improve consumer experience

first_imgThe largely uncharted world of data analytics holds countless opportunities for community financial institutions (FIs) to change the way consumers think about them.A virtual treasure trove of valuable consumer intel, Big Data’s dazzling, almost fantastical nature has a tendency to overwhelm. FIs often have difficulties determining their next steps once they’ve acquired the data.A recent article takes a look at the four best practices for effectively utilizing Big Data to improve the FI consumer experience.Don’t use it like a crystal ball — While Big Data can be a helpful tool in forecasting, it shouldn’t be used just to predict future behaviors. In fact, data analytics can be just as effective at monitoring the present. With that snapshot, FIs can make appropriate changes/improvements as needed to promote retention and growth.Make it all about the consumer — A main goal of any community FI’s data analytics program should be to perpetually enhance consumer service. FIs should use Big Data analytics to better understand what will keep current members and customers happy, as well as attract new consumer segments. continue reading » 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more