Page 13 - Flytxt

REDEFINE THE SEGMENTATION

IN DIGITAL BANKING AGE

A key trend in retail banking is the ongoing evolution towards

direct banking and channels, predominantly digital channels.
Digital footprints can be obtained from every customer

interaction that happens through digital channels. Analysing
these foot prints using new age analytics tools, artificial
intelligence and machine learning techniques can reveal the

behavior and consumption patterns of banking customers.

- Arindam Karmakar, General Manager-Sales, Flytxt

he spurt in the number of financial The challenge, though, for the financial

institutions has made people institutions, especially those targeting
Trealize that finances are barely the retail and MSME sectors, is to
a hiccup when it comes to fulfilling discover new segments that can
aspirations and achieving life goals. A potentially provide higher returns and do

25-year-old professional can now own so in compliance with the core values of
a house that someone from an earlier the institution.
generation could only have dreamed of
buying after saving for 20 years or more. Massive stockpiles of customer data,

Equally, aspiring entrepreneurs can now such as demographic details, income
deliver big while risking little of their own and spending patterns, are already being
capital. leveraged. We already know of a number

With affordable interest rates and high of banking activities that are done over
liquidity, banks are ready to meet the mobile, with a substantial number of
financial aspirations of individuals and millennials using the mobile channel as

corporates. depicted below.

Mobile banking statistics

Fig - 1-2-1 Source: Payments Cards & Mobile

INSIGHTZ - VOLUME 03, 2018 13