Boston, August 14, 2012 – A new report from Aite Group aggregates the primary ways that commercial banks can apply predictive analytics to make better decisions and extend returns on their data-gathering and related storage capabilities. The report looks at how data analysis can improve marketing efforts, customer next best action, fraud prevention, and commercial lending. It also includes guidance for crafting a metrics-based business case for bankers seeking to champion the adoption of predictive analytics.
Commercial banks are terrific at collecting data on their customers, and given the number of channels and touchpoints over which banks collect large volumes of information, opportunities exist for commercial banks to use that data to make better decisions about every core activity. Although many commercial banks have been successful in using analytics technologies, such as reporting, querying, and business intelligence, to learn more about their operations and to automate workflows, Aite Group finds relatively low adoption rates for using predictive analytics to improve results.
“With the ability to provide insights and analyses that are focused on the future rather than on the past, predictive analytics capabilities are viewed by Aite Group as a significant opportunity for commercial banks to improve their decision-making skills and operating results,” says David O’Connell, senior analyst with Aite Group and author of this report.
This 37-page Impact Report contains seven figures and 19 tables. Clients of Aite Group’s Wholesale Banking service can download the report by clicking on the icon to the right.