There is an increasing use of analytics in many organizations these days. Today’s businesses needs timely information that helps the business people to take important decisions in business.Finance plays an important role in increasing the value of your business.Finance is finding its way as an important business function and it overlaps with analytics in many areas.Financial executives are finding out new ways in the field of finance to increase the value of their organization.
Customer retention is another area where banks need to focus more today in order to reduce customer sapping. Loyal customers need to be rewarded and customer attrition needs to be minimized. Sometimes it gets too late to retain a customer because they tend to have a large customer base and hence lose track of them. It's easy to look out for a new customer but the old ones are always valuable.Predictive analysis helps identify which customers are willing to switch to any other bank and the reason behind their decision.
Customer acquisition & retention
Accounting, tax and other areas of finance are having data warehouse which is combined with analytics to effectively run the business and achieve the goals faster.