CRM practices help to generate better understanding of the customer for product development, segmentation, appropriate targeting, campaign management, service and maintenance of long term mutually beneficial relationships with customers.
Banking customers generate an astronomical amount of data every day through hundreds of thousands of individual transactions. These activities can be leveraged to develop customer profiles that can track trends, predict behaviors, and help banks better understand their customers. Data analytics is the process of discovery, interpretation, and conveying meaningful insights from the data to help in the decision-making process. In today’s data-driven world, data analytics in banking play a crucial role in informed decision making by the banks to drive the bank forward, improve efficiency, increase returns, and in turn achieve business goals.
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