Banks and credit unions alike are finding the use of analytics important as consumer preferences continue to include digital engagement. Analytics, or applications of data mining, are designed to improve how financial institutions segment, target, acquire and retain customers. It is also designed to help financial institutions maintain and grow a more profitable customer/member base by enabling improvements to risk management, consumer understanding, risk and fraud.

To that end, there are certain analytics categories that prove most beneficial for financial institutions.

• Sales funnel/cycle management
  • Digital marketing—Detection (time, depth, frequency), intention strength, routing, campaign management
  • Propensity‑to‑purchase
  • Conversion metrics
  • Consumer financial wellness—customer value index, goal monitoring, segmentation

• Customer Engagement
  • Relevance determination
  • Market segmentation
  • Onboarding
    
• Deposit/credit fulfillment
  • Detect, re-target, decision, partial acceptance, underwriting, abandonment
• Predictive customer attrition
  • Events, weighting, frequency

• Management insight
  • Sales revenue
    • Sales staff performance
    • Sales volumes
    • Sales goals and forecasting

• Customer engagement
  • Customer contact by channel
  • Questionnaires and customer surveys
  • Customer needs and goals analysis
  • Digital marketing

• Risk management
  • Fulfillment abandonment tracking
  • Campaign effectiveness
  • Credit management
  • Customer attrition risk

• Operations management
  • Service level and response
  • Deposit operations
  • Lending operations
  • Fulfillment processing
  • SLA service level v Exception tracking

ARGO has years of experience with analytics technology, including predictive credit risk and fraud detection, giving us a solid understanding of both capability and cost. Today’s machine‑learning methods are well‑proven and mature in areas of data pattern recognition where we see exceptional accuracy. Applying analytics where economic benefits are demonstrable generates proven ROI for the financial institutions we serve.

ARGO Connects combines digital sensory technology, machine learning methods and auto-decisioning technology, and ARGO’s approach to both implementation and ongoing servicing yields great reward.

For more information, view ARGO Connects, Role of Analytics in Digital Delivery.