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:
- As you slide into your car, the car knows that it’s you based on biometric authentication. No one else can start it.
- 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.
- Along the way to your first appointment, an in-vehicle system suggests a convenient drive-through restaurant along the route that matches your food preferences.
- Predicted traffic delays trigger an electronic navigator recommendation to take an alternate route to work.
- Knowing the route is hilly and your electric car’s battery is low, an onboard system reduces maximum acceleration.
- 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.
- 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.
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