Page 137 - Building Big Data Applications

Chapter 7 Banking industry applications and usage 135

Reduce customer churn
Product enhancement
Deeper, data-driven customer insights are critical to tackling challenges like
improving customer conversion rates, personalizing campaigns to increase revenue,
predicting and avoiding customer churn, and lowering customer acquisition costs. And
consumers today interact with companies through lots of interaction points e mobile,
social media, stores, e-commerce sites, and more dramatically increasing the complexity
and variety of data types you have to aggregate and analyze. Think web logs, transaction,
and mobile data, advertising social media and marketing automation data, product
usage and contact center interactions, CRM and mainframe data, and publicly available
demographic data. When all of this data is aggregated and analyzed together, it can yield
insights you never had beforedfor example, who are your high-value customers, what
motivates them to buy more, how they behave, and how and when to best reach them.
Armed with these insights, you can improve customer acquisition and drive customer
loyalty.
The application for this process will be built using the big data analytics platform and
leverage all the datadstructured and unstructured, because you can combine, integrate,
and analyze all of your data at once to generate the insights needed to drive customer
acquisition and loyalty. The process can be customized to deliver different types of in-
sights for different teams of users or even a single management executive. For example,
you can use insights about the customer acquisition journey to design campaigns that
improve conversion rates. Or you can identify points of failure along the customer
acquisition path or the behavior of customers at risk of churn to proactively intervene
and prevent losses. And you can better understand high-value customer behavior
beyond profile segmentation, including what other companies they shop from, so you
can make your advertisements even more targeted.

Fraud and compliance tracking

Today in the world we live in, if you are responsible for security, fraud prevention, or
compliance, then data is your best friend. You can use it to identify and address issues
before they become problems. The fact is, security landscapes and compliance re-
quirements are constantly evolving, as are the methods that the bad guys are using to
defraud your business and customers. What can be delivered as applications include the
following/;
Cyber attack prevention
Regulatory compliance
Criminal behavior
Credit card fraud detection