Data A 360° Cost Analysis

The trend is data acquisition is getting costlier while storage is becoming affordable. Six technology experts in the BFSI sector discuss how costs of making meaningful data is rising while there are multiple ways of storing the data. The feature is split into 4 parts - trends in cost of data acquisition, cost of storing the data, cost of making the data actionable and cost of securing data:

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Data getting cheaper, but information is costly

Data acquisition today is a crucial factor for any industry sector to flourish, especially so for the financial services sector. Data and analytics, therefore, play a critical role in this, and management of data therefore becomes increasingly important. And the availability of data is also a major factor in acquiring customers. It is not just about defining the target group, but about making the target group paying customers.

There are various methods of customer acquisition. These depend on the relationship between the service provider and the customer. For example, there is cold calling, warm calling, mailing and emailing campaigns, online marketing, passive customer acquisition, referral marketing, affiliate marketing, personal contacts, promotions, and whatnot. It is often advised that one should not use just one method for acquiring customers. Instead, a healthy mix is more promising. There have to be few select methods, suitable for the services/products on offer and the target group and once certain methods have proven themselves and the system has a fair amount of success, those methods should be incrementally optimized.

MULTIPLE STRATEGIES