Mobile Banking & Financial Services – Trends, Challenges, and Opportunities With Data Analytics

There Is a Need For Increased Focus on Data Analytics in Finance?

The mobile banking and financial services industry is growing rapidly. This growth is driven by the ever-increasing use of mobile devices and the rise of digital banking. In order to keep up with this growth, businesses need to be able to quickly and effectively analyze data. Financial data analytics can help businesses in this industry make sound decisions by providing them with the tools they need to understand their data.

Trends in Financial Data Analytics

There are quite a few trends that we’ve been seeing in financial data analytics. Some of these include:

• The use of artificial intelligence (AI) and machine learning to automate tasks such as fraud detection and customer segmentation.
• An increase in the use of cloud-based solutions to store and analyze data.
• The use of data visualization tools to help businesses make sense of their data.

What Is Predictive Analytics?

Predictive analytics is a style of data analytics that uses historical data to make identify trends and make predictions about future events. This predictive data can benefit the Financial Industry in a variety of ways, such as risk management, investment strategies, or predicting customer behavior. As data becomes more readily available and predictive analytics technology continues to improve, the potential applications in the financial sector are virtually limitless.

Challenges in Financial Data Analytics

While financial data analytics can be extremely helpful for businesses in the mobile banking and financial services industry, there are also some challenges that need to be considered. These challenges include:

• Ensuring data security and privacy.
• Managing the increasing volume of data.
• Dealing with data silos.

These challenges can be combated by working with an IT consulting firm that specializes in data analytics. At Versiant, we have the experience and expertise necessary to help you overcome these challenges. For instance, we can help you develop a data security and privacy plan, as well as disaster recovery plan in the event of a security breach. We can also help you break down data silos so that you can get a better understanding of your overall data.

Opportunities to Incorporate More Technology in Mobile Banking & Finances

The mobile banking and financial services industry are ripe with opportunities to incorporate more digital technology. Some of these opportunities include developing high-functioning mobile apps to provide better customer experiences, using big data to target specific customers with personalized offers, or implementing chatbots to provide customer support. 

If one thing is for certain, it’s that banks must start enhancing their service offering when it comes to the customer’s digital experience, because that’s where the customer is today — on their mobile devices.

Digital technology has already had a huge impact on the mobile banking and financial services industry. However, there is still room for growth. Businesses that are able to embrace digital technology will be well-positioned for success in the future.