Page 143 - Building Big Data Applications

Chapter 7 Banking industry applications and usage 141

customers can be satisfied as long as there is some option to raise an issue,
whether in-person, online, or over the phone.
5. Breadth of product offeringsdCustomers want options and to feel they received
the best rate when shopping for big-ticket items that require financing. Qualtrics
research found that many consumers maintain checking and savings accounts at a
primary bank, but shop around for better rates on mortgages, car loans, in-
vestments, and credit cards. Deploying a strategy to offer competitive rates on
long-term, higher profit investment vehicles, your personal relationship can help
keep your customer’s finances in-house.
6. Quality of digital toolsdIn a recent study on customers of banks by Qualtrics, all
customers surveyed spend 69% of their time online or using the mobile app, with
millennials even higher at 79%. As more of our daily needs can be accomplished
with a smartphone, you must ensure your online and mobile experiences are
smooth, easy, secure, and enjoyable for managing one’s finances. Adding educa-
tional resources about financial investments and other nonconventional services is
also a valuable option to digital customers.
The services across these areas are in a constant state of improvement; however, we
need to develop the entire spectrum of solutions to provide relevant applications. These
applications need variables that can be tracked and implemented, these include the
following:
Four types of variables that are mostly used:
Customer demographics variables
- Age
- Job type
- Gender
- Family size
- Geographical data
Perceptions variablesdPerception variables try to measure how the customer
appreciates the services or the products, they Include dimensions such as:
- Quality of services
- Satisfaction with the company
- Locational convenience
- Pricing
- Behavioral variablesdBehavioral variables look at the previous behavior of the
customer
- How often they use a service or product
- Which services or products is used the most and least by customer, geogra-
phy, gender, employed status, student, and more.
- Most popular behavioral variables are number of purchases and money spent