There is a lot of talk about Big Data and Data Analytics but how can it help you achieve better financial outcomes?
It is no coincidence that the growth in popularity of mutual banks has coincided with the perceived greed of the shareholder-owned, profit-driven “BIG” banks. Until now, one of the obstacles to growth within the mutual bank space has been the fear of losing touch with their existing members.
This is where having access to all member information in the one place can help mutual banks scale without losing touch with members.
Satsumas recently worked with the Teachers Mutual Bank (TMB) to implement a complete data analytics solution. Working with their existing banking platform, Ultracs by UltraData, Satsumas built a reporting solution that allows management and staff to gain access to member’s details across multiple products allowing them to identify trends in member’s behaviour. By better understanding members they are able to better understand and anticipate members needs fostering long-term loyalty.
In addition to better understanding members, Management can also view actual versus forecast KPI’s, acquisition/churn rates and can get a birds eye view of how the bank is performing overall via an easy to use dashboard.
WE NOW HAVE A REALLY DETAILED PICTURE OF THE CURRENT REALITY OF WHAT IS HAPPENING IN OUR BUSINESS. WE ARE ABLE TO USE THAT INFORMATION TO GENERATE INSIGHTS THAT ALLOW US TO REALLY BECOME TARGETED IN TERMS OF WHERE WE DIRECT OUR EFFORT AND OUR FOCUS TO MAKE A DIFFERENCE, SO THAT OUR HIGH PERFORMANCE CAN BE SUSTAINED AND REPEATED YEAR AFTER YEAR…
– Sarah Forman, State Head NSW/ACT, BT Financial Group
Being able to get a daily overview of how the bank or a particular member is performing, rather than waiting a few weeks after the end of the reporting month, can have huge financial benefits and gives any bank the information they need to react to changes in a members circumstances or shifts in the market.
Big Data is no longer just for the Big Banks… there are many insights and advantages to implementing a Business Intelligence strategy that can help you grow into a viable alternative to the traditional bank model with a focus on returning value to members. Why not use the same tools they use for profit to benefit your members!
Make sure your bank has the tools it needs to deliver exceptional service and value to new and existing members.
We are focused on solving business problems where complex data is involved. We deliver business intelligence solutions using intuitive visualisations to support data driven decisions through data discovery and self-service analytics.
Satsumas have worked with financial, pharmaceutical, utility, retail and mining companies and understand the challenges you need to overcome.