Predictive analytics are transforming how businesses operate and people live. Banks and other service businesses are using analytics technologies to drive market differentiation, business growth and operational efficiency. Companies are strengthening digital customer touchpoints by expanding their understanding of customer needs through analytics and developing real-time, personalized services.

What does the flood of analytics-driven innovation mean for customers in the Digital Disruption 2.0 era?

Digital disruption meet predictive analytics

Eric Siegel wrote a fascinating book on Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die. He offers some very interesting predictions on how analytics will influence our lives, or your customers, on the first workday of January 2022:

  1. As you slide into your car, the car knows that it’s you based on biometric authentication. No one else can start it.
  2. Spotify knows that it’s morning, and you have a full day ahead, so it produces a music mix that helps you focus your thoughts.
  3. analytics-driven innovationAlong the way to your first appointment, an in-vehicle system suggests a convenient drive-through restaurant along the route that matches your food preferences.
  4. Predicted traffic delays trigger an electronic navigator recommendation to take an alternate route to work.
  5. Knowing the route is hilly and your electric car’s battery is low, an onboard system reduces maximum acceleration.
  6. As your social “techretary” provides an audio update of select Facebook feeds, CareerBuilder postings and voicemails. A notification intercedes alerting you that now is the time to book your flight for a planned trip, because the fare’s are about to go up.
  7. Amid everything going on, your seat vibrates because you lingered too long looking at a personalized billboard and need to get your eyes back on the road.

Do any of these ideas inspire you to think of ways you can create new experiences for your customers? In January 2016, Siegel released a revised version of his book originally published in 2013. While the updated version added new discussion and insights, he published too soon to include a topic that would have been highly relevant to the January 2022 commute he describes – the first-known fatal crash of a self-driving car this past May. Predictive analytics are in the DNA of self-driving vehicles, and they are powerful. Best we use them wisely.

In my next post, I’ll discuss the potential of robotic process automation to transform core banking and financial services processes.

Prasad Chintamaneni

Prasad Chintamaneni

Prasad Chintamaneni is President of Banking and Financial Services, leading Cognizant’s largest industry practice globally. Mr. Chintamaneni has led the global Practice... Read more

One response to “Where Is the Power of Predictive Analytics Leading Us?”

  1. Kannan Sreedhar says:

    Excellent blog. Obviously as we look towards 2018 and beyond, robotic process automation (RPA) will have been integrated into autonomous-driving and so the concept of the seat vibrating to get the attention of the driver lingering on his facebook post would no longer be a requirement. The biggest impact in this march forward in predictive analytics and eventually towards artificial intelligence is on the population that has not mastered the skills to be a relevant entity in this evolution. While there has been much progress over the last two decades in online learning methodologies, it would be interesting to determine how we can incorporate IoT and predictive analytics in better education and re-education methodologies. After all, given the availability of technology, a patient in rural America (or for that matter in sub-saharan Africa) should have the same access to the same healthcare expertise as someone living a few blocks from Mass General or Mayo or the Cleveland Clinic….

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