23 November, 2021 Technology
What is AI and Predictive Analytics
Artificial intelligence and predictive analytics in finance is transforming the way we interact with money. AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management. With its power to predict future scenarios by analyzing past behaviors, AI helps banks & FI’s predict future outcomes and trends. This helps banks & FI to identify fraud, detect anti-money laundering pattern and make customer recommendations. Further to the concept of utilizing large customer data sets, AI is paramount in developing successful marketing strategies. In recent years, open banking protocols have helped financial institutions to share data and facilitate the ‘big data’ revolution.
However, examining this data in a constructive manner can be incredibly time-consuming, so the need for AI is clear. The systems do not simply scan the data and compile informative spreadsheets: AI can actively identify changes and patterns to formulate novel approaches to marketing opportunities.
To drive new customer acquisition, banks & FI can utilize these features to automate the clustering of potential leads into interest-specific groups. With analytical tools like response modeling, AI-enhanced systems can develop personalized and targeted marketing campaigns with high success rates.
How do Predictive analytics help businesses to grow?
Data and text mining, simulations of future marketing trends, and predictions of how to optimize operations will help your business grow and stay relevant. Predictive analytics concerns itself with the better efficiency of business operations, buyer behavior, and market trends and all correlations in between.
How does our organization use predictive analytics to aid data-driven marketing going forward?
We at AHFL always look for new methods to make our marketing campaigns more targeted and effective. Doing this improves the marketing ROI, customer experience and customer retention. To stay competitive, we are leveraging on innovations including predictive analytics through unified marketing measurement, marketing analytics tool, AI, and machine learning. Finally, predictive analytics assist us in customer retention efforts as we are able to better understand consumers’ needs. This helps us with product and schemes offerings that complement and also sheds light on cross-sell and upsell opportunities that are not worth exploring.
Thanks & Rgds,
Dominic Vijay Kumar
VP & Chief Technology Officer
ART Housing Finance (India) Limited
