Data, Analytics, and Insights: The Holy Trinity for Banking, Insurance and Mobile Payments | FC Business Intelligence

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In an interview with FC Business Intelligence for an exclusive white paper, Mark Evans the Head of Marketing at insurance giant Direct Line states “Financial services is a broken sector because it is the least trusted sector in the UK. You could either get depressed about this or decide that this presents a big opportunity to be differentiated.”

The question has recently been asked whether financial ‘Technology will eat our banks?’ (Herald Scotland, 10 November 2014).

In an interview with FC Business Intelligence for an exclusive white paper, Mark Evans the Head of Marketing at insurance giant Direct Line states “Financial services is a broken sector because it is the least trusted sector in the UK. You could either get depressed about this or decide that this presents a big opportunity to be differentiated.”

Companies like Direct Line are taking the bull by the horns and pushing forward with the opportunity to drive growth through brand differentiation and higher value customer services. The ability to achieve customer focused growth is underpinned by the big three disruptors to the financial services sector: data, analytics, and insights.

But, what does this change in tools and skillsets mean for the retail financial services sector? It is no secret that financial services firms are already customer data powerhouses. The issue lies instead in how to mine and measure that data in order to provide real-time, effective responses to improve the customer experience.

Alberto Adorini, Founder and Chief Executive Officer at Pay Leven who was also interviewed for the same white paper explains that “Analytics is changing the way we do business and will continue to stay at the centre for years. The challenge that many will have is that the bigger you are, the harder it is going to be to get what you need out of it.”

One bank that is thinking big is Kuwait Participation Bank, Yakup Akgul the Strategic Project Manager states for the white paper that “The omnichannel is a very important opportunity for retail finance but also one of its biggest challenges. This year and next is the big chance for us to create an omnichannel experience but it takes a long time for IT to be able to pull it together because of banking legacy systems.

The way that banks, insurers and mobile payments companies can manoeuvre in this new landscape of financial technology differs dramatically. However, the similarity lies in the foundations for change – Data, Analytics, and Insights: the Holy Trinity for banks, insurers, and mobile payments.

Download the full white paper featuring interviews with Direct Line, Kuwait Participation Bank and Pay Leven here      > > > http://bit.ly/1yq81xA

About FC Business Intelligence

FC Business Intelligence has been around for over 20 years and provides news, reports and events services across 30+ industry verticals. Our Financial Services Analytics department has now run several different events including a US and UK version Banking and Insurance Analytics events which have been extremely well received across the banking sector.

Brittany Marshall, Head of Marketing, Financial Services Division, FC Business Intelligence
W: http://www.customer-analytics-in-finance.com | T: +44 (0) 207 422 4369 | E: bmarshall(at)fc-bi(dot)com

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