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Data Analytics help Indian banks to improve customer lifecycle

In India, banking industry plays an important role in ensuring the sustainable growth through more credit flows and reaching out to more people by financial inclusion. Thus, the retail banking systems has to handle several issues like customer identity, managing credit risk, fraud detection and prevention, customer relationship maintaining etc. Data analytics helps in this way by ensuring organizations in achieving their growth objectives. It also enables them to manage and automate large volumes of day-to-day decisions. Data analytics draws inferences from large amount of data and use these inferences within banking processes transparently. Data analytics (DA) has an effective use in the following stages of customer lifecycle- Customer targeting -DA helps to develop right offer to right customer by understanding their behavior. Customer Acquisition- DA benefits banks by acquiring profitable customers at low cost and also helps to understand the affordability status of customers. Customer Management- DA helps banks to ensure responsible lending and to undertake effective risk management measures which in turn provide better customer services. Collection- Banks can use DA to reduce delinquency, manage cost of collections, and reduce wasted time by knowing the right value of the customers according to their worth retaining for the future. Read more at:

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