Know your clients: Big data in financial services

SINGAPORE (July 20): The next generation of digitisation in financial services will propel the industry into the knowledge economy. More specifically, financial services firms can look forward to a future of using more contextual knowledge and understanding of their clients to generate tangible economic value.

Maximising consumer behaviour insights
China provides an instructive case study on making optimal use of the time that clients spend outside of a company’s digital channels. According to Statista.com, the amount of time the Chinese spend online has risen more than 40% over the past five years.

This growth has coincided with rapid growth in the use of mobile internet, a trend that we expect to continue. Thus, it is important for any business with growth ambitions to find out more about customer behaviour via data analysis to better understand and meet their needs, thereby increasing customer loyalty and potentially enhancing profitability.

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