Data analytics in the financial sector
Data analytics can be utilised as a driving force behind decision making for companies in the financial sector. The amount of data possessed by banks and insurers is increasing and needs to be managed effectively. It is a valuable source of information because the results of these analyses can be used to realise growth and to gain a competitive advantage. With our data analytics expertise, we can provide you new insights into your business, help you to optimize your relationship with customers and employees, improve your processes and address compliance issues more effectively.
'Want to make strategic choices? Let's start by analysing your data.''
New insights from existing data
What does the data you already possess tell you? We would be pleased to use our advanced tooling and visualisation techniques to offer you insights that may otherwise be impossible or only achievable through labour intensive ground work. One example of how our advanced tooling can help is through dynamically compiling customer groups as part of a Know Your Customer (KYC) process or Anti Money Laundering (AML) applications.
Our data analysts will start by identifying, accessing, and cleansing appropriate data sets. Our tooling can be used to help you solve identified business problems such as enabling fraud analyses or risk estimates for mortgage payments. Data visualisation can then be used to tell the story behind the data and discuss insights uncovered by our analysts. These images can be powerful in showing aspects of statistics that often go unexplored.
Optimising customer relationships and personnel policy
There is no shortage of customer data in the financial sector. But do you know how to use your transaction data, product preferences and contact moments to realise more effective customer service? Our data analysts and psychologists will be pleased to support you in the many facets of customer analytics. For instance, we can use behavioural analysis to create an effective churn and win-back strategy. We process data to create key performance indicators like Customer Lifetime Value (CLV) and offer tools to determine pricing and profitability on a daily basis.
People Analytics by PwC allows you to define your personnel policy using appropriate HR data. Our analysts and advisers can assist you in analysing absenteeism patterns as well as structuring mindful workforce planning and talent management. Successful application of people analytics can decrease employee turnover and allow your company to retain the human capital skills and capacities needed within the financial sector.
Privacy protection and cyber security: prerequisites
In all our data analytics applications, we offer you advice about the implications of privacy legislation like the GDPR. And cyber security is a very important issue when large sets of data are involved. Our privacy and data security experts are closely involved in all our projects in the financial sector.
Smarter processes…
Do your work processes flow as they should in practice? Analysis with our process-mining software will help to identify unexpected improvement possibilities. We can also help you to use robotics in manual administrative processes.
… and more efficient compliance
It is essential to model and use data in the financial sector in order to comply with laws and regulations like IFRS17, IFRS9, Solvency II and Basel IV. We are able to help you on this front by incorporating our knowledge of laws and regulations into our tooling. Has modelling been carried out by someone else? No problem; we can take care of model validation. In addition, we also offer Software-as-a-Service (SAAS) with the latest regulatory knowledge. PwC’s Automated Reporting Tool (ART) reports checks and cross-checks (by regulatory bodies and PwC) in all standard reports to e.g. DNB and the ECB. This helps to improve the quality of reports because manual checks are no longer necessary.
Do you have existing models in need of validation? No problem; we can help with that too!
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