My Career With Citibank And Before Entering Banking Industry

Decision making and communication are at the center of business success and efficient business analytics would only be effective through the use of proper information systems and that are up to date with current trends as well as optimizing on the available channels.

As a corporate executive of a banking institution, the first step to deciding on implementing a data-mining program should be to identify the goal of the data-mining program. The goal could be to determine the potential value of a customer, or to selling the right plan to the right customer at the right time, etc.… It is also important to determine the commercial value of such goal, or how will the bank benefit from it. With clear and reasonable incentives, the executive can then examine the relevant data and/or how to collect relevant data. Keeping in mind the discussion of ethical considerations before consumers gets irritated and turns away from the institution. More importantly, the executive should strictly abide the law to avoid and breach of federal restrictions.

With most of the opportunity to use analytics at the business unit level, Bank of the West currently falls under stage two, localized analytics aspect of Analytical Competition. Both externally and internally, BofW has many opportunities to move from being in the localized analytics pillar, to the next pillar of analytical aspirations. Take for example my group alone, for internal opportunity for analytics. Being in the Enterprise Project Office, my group provides tools and methodologies for project managers to use throughout the company. One main tool we use is called Innotas. Innotas allows project managers to manage their project via a cloud based application, which is much more robust than traditional tools such as Microsoft Project. As a project manager uses this software, data is collected on various aspects of a given project. One particular set

The innovation in banking is applied with a sensitivity to all concerned ~ the bankers using the modern banking instruments, customers enjoying seamless modernized service and stakeholders receiving improved earnings due to the tech savvy banking. In the lights of automation in banking, it is felt that a whole new world of convenience has opened up for customers and the banks themselves have become more efficient in service provision.

Business Analytics and Reporting is one of the key focuses of the Business Advisory department, which I am currently apart of. You could say that from an external perspective with our clients, the Business Advisory department of AC Lordi Consulting has fully embraced the needs for analytics to guide and strengthen the decision making of our clients. When clients are facing challenging financial decisions, the Business Advisory department is able to provide the knowledge and expertise beyond the capabilities of their own organization. AC Lordi Consulting has the ability to provide highly skilled professionals in analytics that will develop the proper framework and methodology to have our clients embrace analytics and reporting. AC Lordi Consulting provide a structured framework to answer all the relevant questions, suggest KPI’s that can be measured in the industry and implement target ranges where KPI’s should fall within.

Citibank has managed to develop different e-business products for diverse industries by utilizing the growing technology market and providing the convenience for their customers. The many products and services offered has been a success for each market segment because it meets the needs of each groups. Also the customer’s service lines, relationship managers and products specialists for the varied clients are required to identify the market needs and develop the new services according to the different industry segments.

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

Departments were encouraged to work closely with each other, which promoted information sharing. This loose coupling benefited Capital One’s explorative initiatives in finding completely novel ways of doing things, rather than doing the same things better than the competition. Capital One’s IBS capabilities aligned with its internal functions enabled it to differentiate its credit card product offering from the existing competitors. In so doing, it attracted the lowest risk applicants creating a completely new super-prime market segment.

In an uber globalized market of today, companies are faced with challenges in each and every step of their business. Our analytics and research services are geared towards giving those companies that extra edge over the competition. We process and analyze terabytes of data and break down all the fuzz and chatter around it to give our customers meaningful insights about their competition and the market they are engaged in.

Currently, the company has its own analytics team in sales and administration department, doing daily data analysis in order to improve the sales number in physical stores and the decision-making process of management.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

In Swisscom Hospitality case, innovation is necessary to improve a long time recurring issue, which penalize the company’s results and bring an overall unpleasant working environment. This process requires the involvement of several business units as well as senior managers. As per Slack et al (2013) senior managers tempt to ‘leave the details’ to middle managers once they set the targets. However to bring an effective and seamless change, notable involvement of the senior management is required.

As you can see, vast information is needed to supply the needs of the different customer segments. Once identified as information needed, it’s the Royal Bank’s analytics duty to gather and mine customer’s data to fill the need. Some personal information is commonly given to financial institutions for the purpose of opening accounts and tailoring their products to best fit their needs. This information is called primary data, and includes examples such as address, social security number, age, and employer. Primary data can also be accessed through the account history stored in Royal Bank’s data warehouse, which allows them to analyze trends and patterns from previous customers. However, when targeting products or services to a certain niche, where do banks get information such as family financial history, mean retirement age, saving/spending patterns, or lifestyle expectations? This information is called secondary data and usually the bank incurs a cost to obtain. Avenues that the CRM team could use to obtain this information are: purchasing sales records from a similar organization, analyzing customer feedback published in an article or journal, or gathering data from a book or other outside sources.

Distinctive Capability - ABC has a demonstrated capability to use analytics to create a competitive advantage from an investment management standpoint. Millions of data points must be continuously analyzed to ensure passive stock and bond investments, totaling in the trillions of dollars, are efficiently managed for performance and risk. On the client side the diverse business structures and the prior focus on efficient operations has to date limited ABC’s ability to build out a world class data analytics capability comparable to the one that exists on the investment side of their business.

With the advent of “Big Data” and improved analytics, there may be insights to be gained by banks into customer activities and how best they can be served by their banks, with new products, or cross-industry offerings such as loyalty schemes and discounts with retailers, supermarket chains, etc. However, such insights cannot be achieved without the foundation of data underpinning them. This may take years to compile but also relies on centralised, single view of customer solutions, and a cultural change to ensure that all relevant data is captured by the business (e.g. customer interactions in a CRM systems).