For BFSI: Analyze your Data Better with Data Studio

Data is a blessing for the banking, financial services, and insurance (BFSI) industry when it is meaningful and easy to understand. Although turning web data into insights can be an uphill battle. Fortunately, with Data Studio, Google Marketing Platform can help you save a lot of time and effort with data visualisations. 

People who usually collect and analyse their website data use Google Analytics. If you ask them, they might add some other answers like Google Ads, Youtube Analytics, Bing Ads, among others. 

Luckily, Data Studio can extract data from all of the above-mentioned sources and help you create dashboards that have a flow of meaning. You can create reports that engage the end-user in a matter of minutes without even analysing the never-ending excel files and spreadsheets.

Technology allows the BFSI industry to enter new customers and offer innovative goods and services through productive channels of distribution. On the other hand, data security, the availability of information updates and the quick problem resolution is critical to the banking and insurance business. There are various aspects to be considered in the BFSI business domain as they have both online and offline operations going on.

Why use Google Data Studio for Data Analytics?

Visualisation options: There are a plethora of data visualization tools, making data analysis easier than the Google Analytics Interface. 

Updates: These dashboards are directly connected to your Google Analytics data, allowing you to lay back while it updates automatically, from your GA database. 

Multiple linking sources: You can create custom reports using data from different sources, adding various metrics and dimensions. 

Shareability: Your reports and visualizations can be shared easily with multiple users without proving direct access to your data sources like GA. 

Dashboards & Visualisations 

As a BFSI business, multiple channels contribute to any converted user. And it is very important to identify the mode and contribution of each channel. Here is the sample report of the multi-channel attribution.

Your institution must be dealing with humongous amounts of data. As the volume of that data increases and manual treatment is given to it, it’s probable that you’re unable to make sense of your data and take complete advantage of it. 

A Data Studio dashboard can help you fill that gap. By making available data easy to analyse and use those findings, you can gain impactful insights of how well processes are doing. These dashboards can be extremely helpful in decision making. 

How Can a Dashboard/Report help?

User conversion rate is one of the important metrics you can look at while calculating ROI for your campaigns or source/medium. Here is the sample report of the user conversion rate trend over a period of time in the Data Studio.

It can give you useful insights on how well your new products are performing and effectiveness of pricing policies

It can display almost next to real-time operational information. It can provide insights on credit risk, sales team performance and service use. 

You can analyse your profitability and perform margin analysis

It’ll help you with periodic reporting

Further it can help you with past and present performance of your institution. That can help you set up predictive analytics

Data

One of the most important aspects of a BFSI Data Studio report is that it can show bank authorities places where they lack and get useful data. If you have problems selecting useful data, Google Data Studio can show you how. Here are a few places you can start with

  1. Understanding customer behaviour 
  2. How fast are transactions processed?
  3. Are there any emerging areas of concern?
  4. Do your products and services need changes? Is there something specific your customers are looking for? 
  5. Are the customer payments done on time? What is their payment history? Do you have risk clients
  6. What promotional strategies have worked the best? Are those strategies driving enough sales (ROI)

Benefits of Google Data Studio for BFSI

Risks

A report can visualise information that you need on regular intervals, helping you effectively manage the risks. It can display how healthy the finances are and how smoothly your business is running. With these insights it’s not difficult to predict upcoming problems. Your dashboard serves as a warning tool at times. 

Growth

You can expect cross sell to improve as a result of an effective dashboard that will give a better grasp on the correlation between different channels and customer segments. It can further provide visual snapshots of your achievements. With Data Studio you’ll have the ability to drill down products, departments, customer categories, among others. 

Efficiency

Data Studio can help you improve operations by bridging gaps using automation techniques. It can help you understand inefficiencies in the process. This will also provide you with next-to real time analysis of channel, sales, product permanence and many more. 

Need help making Google Data Studio reports? Or data analytics services? Shoot us a message to Hello@tatvic.com or schedule a call with one of our agents here.

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