Financial Service Analytic - The Next Big Thing

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Finance sector is mushrooming with many organizations that are providing differentiating services to the customer. The companies need certain technique to understand the customers and serve them in accordance to their requirement. That is where financial service analytics plays a vital rol

Finance sector is mushrooming with many organizations that are providing differentiating services to the customer. The companies need certain technique to understand the customers and serve them in accordance to their requirement. That is where financial service analytics plays a vital role.

There are many important characteristics of these analytics. The most important is the Fraud Detection process. Frauds are a result of many intentional and jaminan bpkb mobil illegal activities which involve misrepresentation or doctored facts and numbers .Frauds are prevalent in the insurance sector which cases of fraudulent claims. A survey in the banking sector by the industry experts shows that 93% of the respondent agreed to the fact that there has been an increase in the fraud incidents in India. The recovery rate is also less when we consider the recovery rate for the banks. That is where data analytics plays an important role. The software enables auditors and other officials to collect data and analyse the same to gain useful insights.

Financial service analytics can be applied to just about anywhere in an organization where electronic transactions are recorded and stored. Data analysis also provides an effective way to be more proactive in the fight against fraud. Another important characteristic is that the financial organizations can undertake proper compliance and reporting for of data and findings. A proper reporting helps to monitor process, track the process and do the required changes if things are not in the right track. A good reporting tool is a necessity for any kind of  pinjaman dana jaminan bpkb mobil analytics service.

The organization performance also depends on the customer sentiments. If the customer is happy about the service you provide, they themselves will be the ambassador of your brand and will recommend your service to their dear and peers. A happy customer is a returning customer, is a loyal customer. He will prefer your service over other competitors and your revenue per customer will shoot up as a result of his satisfaction. You can also think of cross selling and up selling certain product to this customer

The players who have a strong customer base can use the analytics in order to cross sell or up sell products thus resulting in increase in profitability per customer. The financial services don't have the expertise to handle and organize a huge amount of data and use it efficiently. Building a in-house process that handles such a huge amount of data is a capital intensive process and also needs lots of expertise and knowledge. So they outsource this process to the industry experts who has the core competency in the field of data analytics. These analytic companies are bringing dramatic change in the working of the industry and helping the finance services to get the profit zone rather than red book of accounts.

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