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Part 1
The data bubble keeps inflating
CMOS discussed about the shift in the sources of data in the financial sector:
The importance of data from various sources will continue to grow in the financial sector. With the increasing digitization of financial services and the proliferation of mobile devices, social media, and other digital channels, financial companies have access to more data than ever before. Nowadays data is becoming more abundant and accessible as financial sector generates a huge amount of data from customers' financial transactions.
Sreekanth C K, Head of Marketing at ESAF Bank, says: "Data gathering, and optimization will continue to create opportunities by understanding the customers better and their journey, which will allow financial institutions to grow their business with data-driven decisions, augmenting customer segmentation, pin down frauds, reduce operational risks and improve operational efficiencies." MVS Murthy, Chief Marketing Officer at Federal Bank, believes that marketers are being subjected to data deluge. Its magnitude can be overwhelming to the extent of causing delusion - as in, the possible fallout is that it becomes a blind spot. However, the real-time power that these streams give is invaluable.
They help anticipate, be proactive and be relevant while reaching out to prospects or existing customers.
He adds: "The other priming is the power of personalization that allows for near in-person interaction. However, if the data points are not complete or missing then the client interpretation suffers, and it rubs off wrongly on the brand. There will be an increasing demand for data, but smart marketers will filter out what's not needed rather than make their marketing initiatives claustrophobic and stunned into inaction."
HOLISTIC APPROACH FOR DATA COLLECTION
هذه القصة مأخوذة من طبعة April 2023 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة April 2023 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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The day is when brands bring customers to banks
Credit Card-as-a-Service will enable every business to issue a card of its own:
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Transforming Tech Team from Generalists to Specialists
Gaurav Jalan, CEO of mPokket, dives into cloud data storage and machine learning for smarter lending decisionsm and strategic vendor partnerships, shaping mPokket’s agile tech ecosystem for growth:
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Metabase, a unique cloud computing experiment by BEA
Hong Kong based Bank of East Asia, takes up a unique initiative in migrating to the cloud:
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Radian Finserv empowers dreams across 5 states
Partha Sengupta, COO at Radian Finserv, reveals the company’s highest standards of service and integrity in all operations & expansion plans:
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A digital thrust for Islamic Banking
Kuwait Finance House is a totally Shari’a compliant bank that used digital tools to its full capacity:
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No escape from the law
A woman entrepreneur in Vietnam was sentenced to death recently for causing irreparable loss to a bank:
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ARDB Computerization to boost agri & rural economy
Agricultural and Rural Development Banks (ARDBs) play a vital role in India’s cooperative sector by providing financial services and credit to farmers and rural communities.
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Digital helps Branches boost Customer-Centricity
Public sector banks in India, long cherished for their reliability and extensive reach, are at a pivotal juncture.
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Actionable Insights & Data Visualization empowers Belstar field force
Dhanasekaran S, CTO at Belstar Microfinance narrates the needs of the field force and developing a solution that empowers them:
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Banks gearing up to buy Cyber-insurance
Recent years have seen a concerning uptick in cyber incidents against banks. In 2023, a data breach at Bank of America exposed over 57,000 customer accounts.