Don’t Lose Valuable Data Intelligence Through Remote Banking Channels: Data Analytics is Crucial, Especially in a Digital Banking World

The value of capturing, quantifying, and analyzing user data and how it pertains to an organization’s applications and processes is widely understood across businesses of all industries. Most agree that these data insights are crucial in the decision-making process, where user behavior data and adoption can be linked to customer retention and acquisition, process improvement, costs reduction, and ultimately ways to improve profits and losses (P&L).  

Financial institutions are no different than organizations of other industries, and every interaction – both from within the branch or remote - provides a bank or credit union with actionable data including user behaviors and trends. With many customers and members transacting online and digitally today through smartphones or computers, the importance of understanding these behaviors, in connection to their personal financial stories and use journeys, becomes even more critical so that the same quality of data can be captured remotely as in traditional face-to-face engagements. 

Leveraging real-time data analytics and reporting tools is imperative for employees to unlock this information from within online and digital channels. In fact, a survey by McKinsey & Company found that many financial institutions list “advanced analytics” among their top five priorities, with those who have invested in such technologies already seeing the rewards.

By analyzing and combining real-time and historical data, banks and credit unions effectively advance the user experience with faster decisions and a better understanding of feature usage and user journeys that improve processes and adoption. This intelligence includes data like that linked to products and services, personalization campaigns, fraud mitigation, and advice, tips and education that drive engagement and institutional loyalty for product owners, marketing teams, compliance groups, and executive management, alike. 

Analytics captured and leveraged from within online and digital banking solutions can then help banks and credit unions in multiple ways, including: 

• Enhanced productivity: Financial institutions can use advanced analytics to provide faster and more accurate responses to process improvements, customer service staffing or automation, and even cash management.  
• Accelerated growth: Deeper and more detailed behavioral and transactional data can improve customer retention and acquisition by allowing financial institutions to better segment customers and then design targeted campaigns and offers.
• Better management of resources: Understanding usage of hardware, specific application features, customer service inquiries, and money movement, allows financial institutions to plan for anticipated peaks and valleys in usage, as well as for anticipated growth opportunities.

Those banks and credit unions that employ a data analytics solution in parallel to their digital banking platform deliver a truly seamless multichannel experience with a consistent user journey across all devices and points of engagement. By gathering real-time data with every click and swipe, in connection to account holders’ life events and financial stories, institutions better understand their account holders. Access to these insights –through role and permission-based visual dashboards and reports – enables financial institutions to quickly access data such as:

• Existing user adoption and solution sign-ups 
• New user registration and onboarding
• Product and feature utilization
• Internal and external payment transfers, utilization, and account totals
• Customer services requests, by channel, and the team’s responsiveness
• Fraud statistics
• And more

AWARE, Alogent’s data analytics and reporting platform, sits at the crossroads of your acquisition channels and works in complement to NXT, our online mobile and digital banking platform. By leveraging deep search capabilities and machine learning technologies, AWARE aggregates all incoming information into a single, holistic view of the bank or credit union. Employees across all departments and executive teams gain quick access to visual dashboards and reports, including cross-channel data with drill-downs, saving time and enabling faster, data-backed decisions. With flexible integration to external transaction streams and APIs, as well as the entire Alogent suite of solutions, AWARE drives business intelligence and personalized service offerings across every digital, remote, and in-branch channel. 

Data and intelligence flows through your digital banking platform every day - it’s often considered your most valuable asset and must be leveraged for stronger user experiences and better, more personalized services.

Download this eBook for tips on leveraging data for improved user experiences.

Get started today. Contact Team Alogent to learn how to harness and analyze this data into opportunities that drive institutional loyalty.

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