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.
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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
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Financial Services Business Leader Research Team