DATA PERFORMANCE data to personalise services without putting off consumers at the onboarding stage ?
“ Data plays a crucial role within these businesses to enable them to optimise and scale ,” Profusion ’ s Dent says . “ Everything from marketing and customer service through to product development and HR can be informed by collecting and analysing company data . The insights gained can both help inform the strategic direction of a company and make existing processes much more efficient and effective . With many fintechs growing rapidly and operating in an incredibly competitive sector , the edge data analytics brings could be the difference between success and failure , especially in today ’ s uncertain economic times .”
“ MAKE DATA COLLECTION OPTIONAL , BUT MAKE IT OBVIOUS AT EACH STAGE HOW EACH PIECE OF ADDITIONAL INFORMATION MAKES THE CUSTOMER EXPERIENCE BETTER ”
ALISTAIR DENT CHIEF STRATEGY OFFICER , PROFUSION
Precisely ’ s Reilly continues : “ Most fintechs have undergone significant digital transformations , aiming to improve efficiency and the customer experience . To succeed , it is imperative that they fuel business intelligence reporting with data that is accurate , consistent , and contextual – data with integrity . Although many fintechs recognise both the benefits of effective data management , and the risks that come with hosting a vast amount of data , they do not always have an effective strategy in place nor clear business goals .
“ To drive actionable decisions and realise game-changing benefits from true business intelligence that can keep up with the business ’ growth , fintechs need to invest in people , process and , certainly , technology that combines data integration , data quality and governance , location intelligence and data enrichment capabilities . This will enable them to establish a base of high-integrity data that they can genuinely trust to inform their business decisions . By doing so , they will also have the insights needed to ensure they are using customer data in a meaningful way and can identify new ways to enhance the customer experience .”
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