This post is authored by Rakhi Jadhav
Today the needs of retail banking customers are changing at a rapid pace. Customers are already enjoying a personalized approach in many products and services consumed by them beyond banking. Most companies are offering tailor-made products and services to expand their market share. While some banks have already started using this approach, others are struggling to adopt the right technology to make their products personalized and innovative based on customers’ buying behavior. A robust revenue and billing platform coupled with analytical capability makes it possible to serve thousands of customers while providing personalized offerings to each of them.
A data-driven view for a product manager
A product manager often asks, “how do I know my audience better and be more data-driven?”. Product managers of retail banking are relying on the right data insights to create personalized products and manage the performance of each product. It is essential to understand the target customers and their needs. This helps product managers to create a positive user experience and develop products, bundles, and value-added services that customers will want to access.
The right set of reports and dashboards help product managers to get a comprehensive view of a particular product and review the performance of each of the products under their portfolio. The dashboard and reports provide insights into revenues generated over a particular period. Product managers can slice and dice into product-wise, segment-wise, and geography-wise data to gain a view of revenue, expenses, number of customer enrolments, and so on.
Harnessing the true potential of integrated analytics and AI in revenue management
The benefits of a revenue management platform are enormous such as capturing new revenue, reducing billing complexity, improving your customer’s experience, and increasing customer retention through smarter pricing. However, the success of any revenue management platform relies on having deep insights into customer behavior and predicting their needs timely and accurate. Acquiring these insights require integrated data from other systems, for example – platforms like salesforce, CRM, ERP, and financial systems. The integrated data can then be used to create a standard view, persona-based view, and views into other key business functions to track cross-functional KPIs. Such insights can help banks in simulating the revenue impact of new pricing models for different products and bundles. This can also help in analyzing the post facto consumers’ buying behavior and its reflection on the bottom line.
Once the data is integrated, banks can make use of integrated analytics powered by behavioral science and artificial intelligence (AI) to offer personalized recommendations to their customers like any OTT platform (Example – Netflix). The analytical solution can harness data from different sources about customers’ transaction history, demographics, and so on. Such data can then be used with AI to create customers’ digital flashcards that banks can later the use to bundle product offers to meet customers’ changing requirements. Although the possibilities of use of such an analytics platform in revenue management are numerous, Banks will have to maintain a balance between technology-driven services and the integrity of customers’ data protection.
A digital revenue and billing management platform with right reporting and analytical capability has now become pivotal for any retail bank. And such investment in digital transformation can maximize new revenue opportunities. RIA offers Oracle Revenue Management and Billing along with a proprietary Reporting and data analytics platform, that harness the power of data to gain actionable insights and take high-impact business decisions.
