8 ways big data can help our industry

Big Data can provide a huge advantage to all kinds of businesses. But how can firms in the asset management industry use it best?

Big data conceptTo find out, it helps to look at the data you have alongside the most important questions you need answered, said panelists at a recent NICSA webinar on the topic. The discussion was hosted by Broadridge and included participants from Merrill Lynch, BNY Mellon, kasina and DST Systems.

Here are eight business areas that are great candidates for sophisticated analytics:

  1. Optimize customer service models – Determine best delivery methods, optimal contact frequency etc.
  2. Segment financial advisors – Identify influencers, desired behaviors, etc. incorporating macro data.  
  3. Create investor insights and segmentations – Examine effects of life events/stages on investing behavior.
  4. Predict retirement asset rollovers – Identify exit indicators, process stages etc.
  5. Predict and drive adoption of new products
  6. Predict and identify fraud
  7. Drive “next best action” relevancy engine
  8. Enhance proxy voting

Regardless of the area of focus, successful deployment of a Big Data strategy requires: 1) a data audit (what type, how much, where does it reside?); 2) a single customer view; and 3) knowing which question to ask.

For more information about how data analytics will be used by fund industry firms moving forward, read the NICSA’s Technology and Innovation Committee’s recent white paper on Big Data in the fund industry. Click here to download the white paper.

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