Published: 08 May 2023
Simple segmentation is insufficient for differentiation, but implementing maturer models require data capabilities that can feel out of reach for financial services business unit executives. This research outlines how to overcome barriers to adopting advanced analytics for needs-based segmentation.
Needs-based segmentation is most efficient for driving growth and engagement, offering a high degree of scalability while strongly aligning to customer desires.
Predictive and prescriptive analytics expand the capabilities of needs-based segmentation by answering questions about “what is likely to happen” and “what should be done” for customer groups. However, incorporating analytics into the business has proven difficult, as fewer than 40% of banking executives report that analytics initiatives have a significant impact on revenue.
There is no such thing as perfect data. The data required to enable faster and more proactive support to key segments does not need to
Clients can log in to view the entire document.
Analysts:
Financial Services Business Leader Research Team
Gartner research, which includes in-depth proprietary studies, peer and industry best practices, trend analysis and quantitative modeling, enables us to offer innovative approaches that can help you drive stronger, more sustainable business performance.
Our independence as a research firm enables our experts to provide unbiased advice you can trust.
Not only is Gartner research unbiased, it also contains key take-aways and recommendations for impactful next steps.
Our research practices and procedures distill large volumes of data into clear, precise recommendations.
We provide actionable, objective insight to help organizations make smarter, faster decisions to stay ahead of disruption and accelerate growth.
We offer one-on-one guidance tailored to your mission-critical priorities.
We work with you to select the best-fit providers and tools, so you avoid the costly repercussions of a poor decision.
Connect directly with peers to discuss common issues and initiatives and accelerate, validate and solidify your strategy.
Gartner clients can log in to access the full library.
Be a part of most important gathering for CFOs to explore potential finance tech providers and get actionable insights to prioritize technology innovation.
©2022 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. and its affiliates. This publication may not be reproduced or distributed in any form without Gartner’s prior written permission. It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by Gartner’s Usage Policy. Gartner prides itself on its reputation for independence and objectivity. Its research is produced independently by its research organization without input or influence from any third party. For further information, see Guiding Principles on Independence and Objectivity.
