Finance Articles

Business Intelligence Links Customer Loyalty and Profitability in Banking, Says Cognos Industry Expert

Ottawa, Ontario (PRWeb) January 29, 2007 -- Better customer service presents a strategic opportunity to improve the bottom line but requires more than providing longer hours, prizes, and incentives. According to McKinsey, retail banks must invest in every aspect of the consumer experience and offer relevant products.

This underlines the need for banks to adopt business intelligence as a critical element in their growth and profitability strategies, said Laurence Trigwell.

Trigwell is director of financial services solutions at Cognos, one of the world's leading providers of business intelligence and performance management solutions.

Bank branches must drive new growth

Despite heavy investments in ATMs, telephone, and internet banking, research by Booz Allen Hamilton shows that 90 percent of customer relationships are still won or lost at the branch level.
For branches to drive growth, they must deliver what customers want: choice, convenience and customization.

Business intelligence can leverage customer data

CRM, ERP, and other transaction systems present a wealth of customer data -- buying patterns, purchase history, satisfaction levels, demographics, and other information. But according to Trigwell, this information often resides in silos which prevent banks from using it to inform decisions about new products and services.

According to Trigwell, many banks are turning to business intelligence to determine the mix of products and services that their customers need.

Matching products to customers

Trigwell then explained that banks can create detailed customer profiles identify who is most likely to buy which products and why. Banks can then examine the data from different perspectives to offer customized packages and services targeted to different customers -- whether it's an education loan for a 20-year-old student, or a mortgage and investment plan for a 40-year-old high-income earner. And instead of seeing so many meaningless products, customers perceive the services as being relevant to them.

Identifying profitable new customers is essential. But existing clients, too, offer long-term value, said Trigwell.

He explained that analysis, a core business intelligence capability, can uncover the most profitable customers or an individual's history with the institution, including purchases and changes in buying patterns.

"With this information, staff can respond accordingly: by waiving a customer fee or cross-selling additional products. Across branches, banks can identify where sales are highest and where they are flat. This may engender additional product offerings, services, or marketing campaigns."

# # #

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

If You're Looking For Low Cost Car Finance, Loan Companies Offer Some Great Deals
These days having a reliable and safe vehicle to drive is more important than ever. With public transport packed to the hilt and often unreliable, many people have learned to rely on their vehicles to get to college or work, pick up the kids, do the shopping and even to perform their jobs.

Inventory Accounting Software For Business Tips
Inventory accounting software is a must for any business that needs to manage large volumes of accounting data each day. Choosing the right inventory accounting software can however be very confusing unless you have certain parameters in place. You need to look for:

Home Mortgage Rates Explained
The economy needs a bit of stimulation and the feds are lowering down home mortgage rates to get it up and running again. Borrowing money with lowered home mortgage rates has never been this easy or this cheap. So, why not take advantage of this lowered home mortgage rate and get a chance to refinance your home and still save some?

World's smallest independent state, Sealand, in talks with Russian investment group
Royal Family presented with opportunity to fund the launch of a Sealand (http://www.redsave.com/products/Become-a-Lord,-Lady,-Baron-or-Baroness,,21) satellite system

Benefits of Personal Finance Software
In this age of information, keeping track of your finances does not mean an archaic jumble of ledgers, calculators, and papers filled with calculations in chicken scratch. Now everything can be taken care of on your computer through personal finance software.

Lucky 7 Best Investment Markets Forecast in 2008
The Lucky 7 Best investment housing markets in 2008 are composed of markets scattered throughout the U.S., which have the highest probability of return for investors of increasing the most during 2008.

Your New Home Mortgage - Selecting The Best Provider
The new home mortgage may just be what you need so you can reduce the monthly repayments for your home loan. Here are the ways to select its provider.

NexorOne Banking Platform Now Comes in Under the Wire
NexorOne's banking software, which helps run private international banks, offshore financial institutions and payment processing companies, will now benefit from the wire transfer and secure messaging system of Eurowire.

Property Investment Just Got Exciting
There is an area in Brazil that has lower crime & lower property prices than where your are probably sitting right now!Demand from the increasing retirement population and from those who have benefited from their own property markets are now pushing overseas property prices up. Brazilian property prices are still very low and offer the overseas property buyer quality real estate in stunning locations.

The 3 Types Of Mortgage Loans
Currently on the market, there are many varieties of mortgage loans available. Sometimes it can be difficult to tell which mortgage loan is suitable and applicable to you.

BankServ, STAR-ACHATS Introduce International Banking System in Western Europe
BankServ, whose TurboSwift system is used by more than 200 banks around the world to carry out international payments, is making the software available to banks in France and Western Europe. STAR-ACHATS of Paris will distribute the software, whose debut in the region also coincides with several new standards and protocols being introduced by the international SWIFT Network.

Altarum Leads $1 Million Investment Round in Cielo MedSolutions
Michigan-based research institute and software firm team to advance Clinical Quality Management.

Smart Investment in Real Estate Markets
The average person retires with a fixed income for this he works for 30 or 40 years. The only real difference between rich people and poor people is the way they think. A rich people always want to invest money to urn something, but average people don?t think so. Real estate is one of the booming fields, today. So idea of investing in real estate is not bad.

Save Money With A Mortgage Calculator
Mortgage calculators can provide you with valuable loan mortgage calculations. A good loan calculator will enable you to make educated decisions about your mortgage loan whether you plan on buying a new home, considering refinancing an existing mortgage loan or just need to know what your mortgage loan options are.