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Five hallmarks of a modern analytics platform

Jason Laky
Blog Post12/13/2016
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Modern analytic technology allows you to easily access richer information and actionable insights to drive new revenue opportunities, more cost-effective marketing, and real-time alignment of underwriting parameters to market risk.

As the lending ecosystem changes, how can you acquire and retain more customers for long-term mutually profitable relationships?

Without a doubt, it will require an investment in innovative analytics tools, so you need to know what to look for and expect from this new technology.

A respectable modern analytics platform embraces the following five characteristics:

  1. Web-based delivery
    Modern solutions incorporate cloud computing for limitless data storage, as well as no-touch service delivery and software maintenance. Online delivery also gives users access to teams of analytics and technology specialists who are always working behind-the-scenes to improve user experience and outcomes.
  2. Speedy, on-demand access
    Modern platforms can provide needed insights in real-time, without involving data and/or IT specialists. With instant access, anyone on the team can analyze data at the pace business demands.
  3. Self-service data visualization
    New technology allows for clear representations of data that are easy to interpret and explore. Cutting-edge platforms offer an interactive user experience with both pre-packaged, configurable reports and the ability to customize viewer analysis to meet your needs.
  4. Channel neutral
    Best-in-class platforms provide web-based, 24/7, direct access consistently across channels. Thus, no matter how widely your team is dispersed, they can all access the same rich data.
  5. Comprehensive
    Today’s on-demand analytics platforms can quickly absorb and integrate both existing and new data. Additionally, the more data within the system, the more context in the output. This means users receive high-value, multi-dimensional insights instead of single-dimension reporting. Users can make a decision after considering all angles and perspectives, including real-time realities, i.e., the difference between making marketing decisions based on what happened in the last fiscal year versus immediately identifying unmet need in your market.

Modern analytics platforms unite and integrate data and make tools accessible across the enterprise, so more proactive and insightful business decisions are possible. Benefiting from advancements in technology, you have options today that didn’t exist until recently.

See how technology is  opening doors for lenders