Smarter with BE Digital: Use behavioral economics-based tools to augment your data analytics

Data analytics is one of the biggest topics currently being discussed by banking groups and many other providers on the market. However, some financial institutions are starting to back away from this trend. Why? In many cases it comes at high costs, produces results that are difficult to understand, delivers modest successes, and might pose data privacy problems. Nevertheless, the potential benefits of data analytics are simply too great to not make use of it at all. So how can banks use it to achieve the success they need? Our answer: BE Digital.

Sales in banking typically means one of the following options: “Aggressive” product sales, regular customer consultations, and preselections of the customer base to promote certain products. The customer orientation leaves a lot to be desired, and this in turn negatively impacts revenues.

The data from a recent Simon-Kucher study shows just how much room for improvement there in this…