The IT organization of a leading financial services company that prides themselves on creating leading-edge technology knew that they had access to important customer data. What they didn’t know, however, was what additional insights were hidden in their customer database. This database housed information for hundreds of accounts such as IRAs, 401(k)s and alternative investments.
The company tracked information such as; if a customer opened an account online or via paper submission, when the account was opened, when an account had been funded, when an account was closed, and numerous other account activities, all which play an important role in the overall business process. Although the company knew this information, they didn’t take action based on the account status. For example, an account could be open but not funded for several months without communication or reminders from the company.
The financial company engaged SPR Consulting for a complimentary data insight session, a free day of data analysis and visualizations. They provided SPR with a subset of their customer data in an Excel spreadsheet, and SPR set off to organize the data and develop a dashboard that would allow the client to filter and analyze account information based on selection criteria.
SPR delivered the new insights to the IT department, who immediately saw the value of an in depth analysis of their customers’ and their actions. They engaged SPR to pull all customer and account data from their SQL database.
SPR implemented a tabular data model for the SQL database to provide an information path to Microsoft’s Power BI software in the cloud. Power BI’s predictive analytics features would help the client forecast their customer behavior based on their previous account activities. In addition, Power BI’s wealth of prebuilt visualizations would allow users to see their data in bar graphs, pie charts, maps, gauge charts, and tree maps, providing various ways to segment and analyze their information.
SPR developed several visualizations related to account volume metrics:
Although the data is confined to the IT department at this time, there are plans to expand the user base so that operations and marketing can develop processes and programs based on a better understanding of their customers. For example, they can identify their highest value customers based on their tendencies and develop strategies to generate additional revenue. They can implement processes to nurture clients who need to take action on their accounts or develop a rewards program to incentivize customers to invest additional funds or open new accounts. With the ability to see their customers in a new light, the business opportunities across the organization are endless.