Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

MOBEY FORUM: TIME FOR FINANCIAL INSTITUTIONS TO GET SERIOUS ABOUT PREDICTIVE ANALYTICS

MOBEY FORUM: TIME FOR FINANCIAL INSTITUTIONS TO GET SERIOUS ABOUT PREDICTIVE ANALYTICS

The window is closing for banks to leverage their data to get ahead in digital services, says new report from Predictive Analytics Working Group

Banks and financial institutions that are not yet engaged with Predictive Analytics need to begin their journey today if they are to maintain future competitiveness in digital services. This is the view expressed by the Predictive Analytics Working Group at Mobey Forum in its inaugural report entitled ‘Predictive Analytics in the Financial Industry – The Art of What, How and Why’.

“Banks have great data but if they want to compete in the digital age they need to get more strategic and more professional about how they use it,” comments Amir Tabakovic from BigML and Co-Chair of the Predictive Analytics Working Group, Mobey Forum. “The PSD2 regulation will soon force banks to provide access to account data through third party APIs. This means that if the banks don’t leverage their data soon, someone else will! The huge influx of new, specialist, data-centric players in digital financial services also means that the field is already becoming common place amongst the ‘new breed’; new services underpinned by predictive analytics are enabling the next generation service providers to extend their lead.”

“The competitive threat is not only from the new disruptors,” adds Kasper Sylvest from Danske Bank and Co-Chair of the Predictive Analytics Working Group. “Many innovative banks are already on board with predictive analytics. Their next step will be to use the new insights and forecasts generated to enhance the digital banking experience of customers with better service design and the creation of new and differentiated value. Banks without a data-driven strategy are now taking serious risks with their future; disintermediation is in full flow and data analytics underpins it all.”

The new report from Mobey Forum, the global industry association empowering banks and other financial institutions to lead in the future of digital financial services, explores the most important components, challenges and key application areas in the predictive analytics field.

The report contends that financial institutions should ‘think big, start small but start now’ and work on building a digital services infrastructure with data analysis at the centre, which can be leveraged to support the whole business over the long term.

“The threat is real, but there is also huge opportunity for banks in this field,” adds Sirpa Nordlund, Executive Director, Mobey Forum. “From now on, it’s all about the data. With predictive analytics banks can not only generate a 360 degree view of their customers’ financial behaviour, they can anticipate their needs and create highly personalised services that surprise and delight them too, cementing their relationships for the long term.  Banks can establish greater relevance and appeal, increase trust and ultimately create a more stable commercial and operational footing in the digital age.

“Obviously this is a huge topic. This report is the first in a series and establishes some of the basics. We look forward to issuing further reports as the group continues its analysis.”

Predictive Analytics in the Financial Industry – The Art of What, How and Why will be of interest to banks and other financial institutions, together with mobile payments and technology developers serving the financial services industry. The report can be downloaded free of charge from the Mobey Forum website.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post