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Banking, Financial services and Insurance (BFSI) is an industry term that refers companies who provide financial products/services. BFSI usually comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds and other smaller financial entities.

Banking may include core banking, retail, private, corporate, investment, cards. Financial Services may include stock-broking, payment gateways, mutual funds etc. Insurance covers both life(Living) and non-life(Non Living).

Consumer Behaviour

Analytics help banks to study their customers in a much deeper way. The benefits include increased ability to identify profitable customers, shift less profitable consumers to high profitable consumers, identify relevant cross-sell and up-sell opportunities, launch new product offerings that satisfy customer expectations and needs etc.

Risk Analysis

  • Tracing terms in communication that might indicate plans for non-compliant or rogue trading and thereby prevent illegal activities.
  • Predicting and segmenting customers who are most creditworthy.
  • Forecasting commercial property values for properties in investment portfolios, and those held as collateral. In the default case, it is used to forecast the best methods of managing the process to potentially reduce losses.

Customer Retention

Acquiring a new customer incurs more cost than retaining the existing customer. Insurance companies focus on retaining their existing customers in a more effective way. Analytics play a crucial role in making companies achieve this target. It helps companies to identify their best customers, develop a proactive business plan for at-risk customers and thereby retain potential customers.