Why is workplace analytics important to the banking sector?
Why is workplace analytics important to the banking sector?
The pace of digital transformation kicked up a gear in the wake of the pandemic. From remote work to app-based customer service, almost every industry found itself ‘pivoting’.
In particular, the banking sector has benefited significantly from this digital transformation. A survey by Gartner showed that 87% of corporate directors said technology has a “transformational role” in addressing strategic business priorities. Among them, big data storage and data analytics were key.
At Tiger, we understand how crucial these workplace analytics are for the banking sector. From cost savings to fraud prevention, integrating Unified Communications & Collaboration (UC&C) helps to drive step change.
We can approach workplace analytics in the banking sector from four standpoints:
- Compliance
- Cost savings
- Customer experience
- Employee engagement.
Workplace analytics and compliance for the banking sector
The banking sector is subject to far more scrutiny than other transactional sectors. It therefore must adhere to guidance from regulating bodies. These include the Prudential Regulation Authority and the Financial Conduct Authority.
In October 2022, the Bank of England and the Financial Conduct Authority announced an update to the Data Standards Review. Its mission was to collect data in the best way possible at the lowest cost. A ‘single pane of glass’ view of the UC&C estate helps to achieve this, looking at customer experience and fraud prevention.
By identifying anomalies, the Tiger Prism system can alert users to potential threats. This protects customer and company data, helping banks maintain high compliance standards.
Improving the banking experience by studying the customer journey
Every customer will have their preferred way of communicating with their bank. Data analytics help to form a holistic view of the customer journey, thereby segmenting users based on their behavioural patterns.
This means we can offer a personalised approach, speeding up their communications and answering questions faster. For example, some may prefer telephone calls and others live chat. There may also be peak call traffic periods which we could segment into customer profiles or requests.
Bankers can allocate their staff resource based on traffic volumes and preferred channels. They can also reach out to customers based on their preferences, leading to better engagement.
Saving costs for the banking sector by making decisions with data
The cost-of-living crisis is impacting all sectors. According to the Q4 2022 CBI/PwC Financial Services Survey, addressing costs and inefficiencies is the biggest priority for 2023. One way to cut down on costs is to optimise the data we have at our fingertips.
For example, from a UC&C standpoint, we could examine how many user licences are active for tools such as Microsoft Teams. If staff are not leveraging all licences, this represents a cost-cutting opportunity. We could also reinvest in tech elsewhere.
Similar to the customer experience benefits, workplace analytics can also help us plan resource. By analysing call volumes, we can identify times when staff resource needs are not as high, and adjust contracts accordingly.
There may even be justification for scaling back on tech. For example, if one channel is simply not engaging with customers, banks could cut back on this and reinvest elsewhere – such as from videoconferencing to phone calls.
Improving employee engagement by identifying user patterns
The ongoing shift from office-based working to hybrid and remote working has presented a challenge for the banking sector. Business leaders need better visibility of their remote employees to ensure they’re happy and productive.
We can get better value from our data in several ways, for example:
- Analysing bandwidth and capacity – are remote workers using the best technology?
- Call volumes, times and quality – are all staff engaged, wherever they are?
- Studying employee engagement metrics – how often are we running appraisals or reviews?
- Employee collaboration metrics – what channels are they using to communicate and how often?
By harnessing all of this data in one place, we can stop siloed work patterns and reduce employee turnover. You can find out more about the value of data in our quickfire guide to workplace analytics.
Discover how workplace analytics can transform your banking operations today
From fraud detection to cost analysis and resource planning, Tiger’s UC&C platform is ideal for forward-thinking banks. Our business intelligence platform is ready to scale with you, using our five-step process to level up UC analytics. With this process, you can:
- Stay compliant with the latest legislation on privacy and fraud prevention
- Analyse customer journey patterns and tailor the experience to their needs
- Scale back on unnecessary costs from technology to staff resource
- Learn more about employee engagement and improve productivity.
With Tiger Prism’s workplace analytics, you could save up to £403,000 per year in excess costs. Discover omnichannel business intelligence across the whole company.