Driving revenue with data analytics: The results of the Efma Asia data analytics survey 29 January 2016
Big data is quickly becoming a critically important driver of business success across many sectors, and retail banks in particular see data analytics as the key factor that will drive their success in the coming years. Indeed, consulting giant Bain & Company has found that effective data analytics makes companies twice as likely to be in the top quartile of financial performance and five times more likely to make decisions faster. And it is data analytics that can enable retail banks to transform themselves by enhancing personalisation of services, Capgemini noted.
To understand how retail banks in Southeast and South Asia are using data analytics, Efma and NRI undertook a survey of data analytics practices at leading retail banks in the five largest markets in Southeast Asia and in India. The results offer insights that retail bankers can immediately use to grow their business.
The survey showed that data analytics is already having impacts that include: • Increasing revenue by more than 25 percent and, perhaps more surprisingly, also reducing expenses by similar amounts. • Leading banks to develop better internal teams, or potentially poach external data analytics experts, to develop data analytics capabilities. • The expected use of data analytics in marketing, along with perhaps more surprising improvements in operations and credit, as key drivers for performance enhancement.
This report capitalises on this and plethora of other information that provides insights into how retail banks are using data analytics to increase their competitiveness and what banks can do to grow their retail banking business faster.
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