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Banking customers generate an astronomical amount of data every day through hundreds of thousands — if not millions — of individual transactions. This data falls under the umbrella of big data, which is defined as “large, diverse sets of information that grow at ever-increasing rates.
Banks in the financial services industry stand at a crossroads: Either carry on, business as usual, or embrace digital transformation and reimagine business operations from top to bottom. One road leads to irrelevance, the other to long-term growth and success.
Customer segmentation: You’ve heard of it, you’re familiar with it, and you probably already use some form of it within your organization.
Digital transformation is a term you’ve likely already encountered. It has transformed countless commercial industries – from manufacturing and retail to hospitality and healthcare.
There are typically five stages a health insurance company goes through when developing new products, and then managing them once they’re live: product innovation, product quoting, product onboarding, product servicing, and product marketing.