Customer data is little use unless it can be turned into insight that the bank can use. Turning it from raw data into meaningful insight is the job of the bank’s customer analytics team, their skills and experience, and the right customer analytics software and tools.
Because data is now so central to commerce, when valuing a business, the breadth and quality of customer data is increasingly seen as much of a corporate asset as property or stock.
A retail bank customer analytics team’s role is to create customer segmentation models using customer behaviour and value data. This enables it to track all customer contact, identify opportunities, and create “next best actions” to realise them.
The analytics team must be dedicated to retail banking for it to develop a relationship with the customers, through their data, and have the skills and experience to do so.
The ideal customer data analyst has the following attributes and experience: