Data is the new oil. What that means is demonstrated very impressively by internet giants like Google. But there are ways for banks to utilize data gainfully, too, for example in product development, process optimization, or marketing. In most cases, data is available in great quantities. The challenge lies in harnessing it for specific purposes.

Banks generate huge amounts of data every day. As communication shifts increasingly onto digital channels, the amounts of data are growing constantly. Yet digital communication is not the only major source of data. Data is collected elsewhere too, for example in CRM systems.

This data contains a great deal of untapped potential, if it can be evaluated and interpreted correctly. The challenge is that data is often not organized centrally inside a company. And it comes in various forms - some structured, others not. The latter, unstructured form includes text documents, film and audio files, all of them packed with information.

So how can companies put data to successful use? Descriptive analysis is a method widely employed to examine what happens and why. It is a way of finding out, for example, how product sales have developed and for what reasons. The insights gained through this process can be implemented in decision-making at a later stage.

Data can also be used to assess probabilities of future events and their causes. For example, once descriptive analysis has helped to optimize an offering, predictive analysis can show when a campaign for that product is likely to generate the greatest demand. Process optimization works in a similar way, also factoring in external events.

If you are looking for ways to employ data analysis gainfully in your organization, please do not hesitate to get in touch. We will be happy to support you in evaluating and implementing the right solution for you.