Thursday, March 24, 2011

Analytics in Financial Services: A Competitive Imperative

Preview of Analytics in Financial Services

On March 30th, at TDWI’s Tri-State Area Chapter  seminar, I’ll be giving the keynote address to discuss how analytics can be practically used to make better business decisions.   This theme in my speech, practical uses of analytics, I feel, captures the essence of this event – a different type of analytics event – it’s focused on giving the audience practical takeaways they can use to improve results at their job and build their career further.

About the Panelists – Practical Stories from the Trenches

Our goal is to share more based on my experience and on the experience of analysts in the trenches…. goal is to share practical insights…I will do this with the help of the other panelists:
  • John Ruda of TDAI has been able to better predict and sense if a customer is less satisfied and may leave…being able to sense this early has allowed TDA to save millions of dollars
  • Denis Mrkva, of Hartford Insurance Company, he’ll be talking about how they built a tool to substantially improve impact of marketing investments targeting consumers across a variety of channels
Overall, we will try to make financial services analytics more accessible, actionable, practical and doable.

So much Information, So Little Practical Analytics that “Works”

The bottom line when discussing analytics is that when it works, it can add huge value; however in the world of analytics there is a deluge of information, technology and analytic options – so much so that I’ve noticed a pervasive frustration in the business community that analytics solutions do not work smoothly or often enough.   Together with the TDWI, New York Technology Council, and event sponsors, we’re going to take a step toward fixing this problem.  In my keynote, and in this event, we’ll try and bridge the gap between the awesome potential of analytics and the complexity of figuring out how to realize that potential.  

We will discuss the key drivers of results in a number of key business models in financial services, and we will be clear about the decisions we need to make to improve results in these business models, without overcomplicating the analysis.  We will share with you a simpler way to translate a business decision that needs to be made into an analytics method that is fit with purpose…in the trenches practitioners have figured this out but there’s not a lot of sharing of how to best do this…our goal is to share more…based on real experiences of myself and others.

Benefits to Attendees Interested in Analytics

While this event is a financial services event, it can be useful for those not in financial services.  We’ll be using a set of universal frameworks to distill business models, find points of opportunity and choose the best way to address this opportunity via analytics; these frameworks can be applied in any industry where high-stakes business decisions are made.  So if you’re interested in analytics, this is an ideal event for you.

Benefits to Students or Job Seekers

This is the perfect event for anyone who’s entering or aspires to enter the field of financial services (investment bankers, or financial services professional in retail, insurance, consumer banking, credit cards).   I guarantee you’ll walk away with practical takeaways you can use back in the office or to turbo-charge your career.