Are banks getting Big on its Data in Dubai?
Big data is considered by some to be a bit of a buzzword of the century. When harnessed correctly, it can prove to be very beneficial for companies. This is regardless of the industry or sector that they may operate in.
Dubai, one of the world’s most connected city, now aims to be at the forefront in its transformation into one of the smartest cities on the globe. Catalysed by its nation’s Smart City initiative, Dubai has moved ahead in embracing big data. In this article, we aim to look at how big data can help businesses and what’s required to achieve success.
What big data can do?
In order for your company to be as successful as possible, it’s important you have an in-depth understanding of your target audience. Typically, this requires segmentation and building customer personas and, in order to do this, you need to make sense of all the data at your disposal. This allows you to work out what similarities your customers may have – this could include location, age, job title, etc.
You can also use your data to understand any buying habits or trends, both from the segments you’ve created and for individuals. And as well as discovering current trends, you can also use your data to predict future trends. You might find that there are certain products that peak in popularity around the same time every year, or that one product has steadily grown in popularity in recent years.
In essence, big data helps you analyse what’s working and what’s not. You can then use this information to shape your future plans and projects.
What big data means for banks in Dubai
Banks in the UAE have invested massively within digitisation in a bid to stay relevant with their customers. If you use your big data to create customer segments and personas, you’re enabling your marketing department to improve their targeting. This is especially important within banking and financial services as consumers are more segmented with varied behavioural types and preferences. Instead of going for the “spray and pray” method, harnessing big data will allow you to pinpoint specific groups of people which should lead to increased conversions. As a result, you should see an increase on return on investment (ROI).
Case-study: Dubai’s Digital Bank ‘Liv.’
With almost 100% smartphone penetration in the UAE– the highest percentage of any country in the world—digitalisation will inevitably become the main focus for businesses in Dubai. The city has already experienced a steady rise in digital banks over the past few years – Commercial Bank of Dubai’s ‘CBD Now’ and Mashreq’s Mashreq Neo. Up and coming is ‘Liv.’, launched as yet another digital-only bank, targeting specifically at Dubai’s tech-savvy millennial generation.
Liv. is part of a planned investment of USD136million towards digital innovation and multi-channel transformation by Dubai’s largest bank, Emirates NBD. Well-versed in data analytics, the marketing and data analytics team can formulate unique experiences based on customers’ preferences. Ultimately, the bank aims to help their customers better manage their finances.
Liv. also offers its own mobile app that grants its customers access to their bank account on-the-go. This is done by scanning their Emirates ID card on their smartphones. The app appeals to its millennial generation who seeks fast, simple and user-friendly services. Like any digital bank, customers can deposit funds into their accounts immediately using any bank debit card they hold. Similar to other routine transactions like local fund transfers and paying bills, it is free of any fees.
By this simple operation of analysing consumers’ habits through the application, Liv. improved in its brand reputation and general business growth. This is due to their capacity to attract, engage, convert, and retain its customers. One year into operation, the bank already has 100,000 customers, becoming the fastest growing bank in the UAE. This success is also due to its ability to have the talents that are equipped with right set of technical expertise.
The big data skills most in demand
Most companies will have a wealth of data at their disposal but they don’t always know what to do with it. Along with the recent launch of GDPR, it’s important to make sure you’re handling your data in the right ways – or you risk a significant fine.
So, in order to make sure that you’re getting the most from your big data while remaining compliant, it’s worth putting together a strong data team. Typically, this might consist of:
- - Data analysts
- - Big data engineers
- - Data architects
- - Data scientists
With more and more companies looking to get the most out of the data they already have access to, we’re seeing an increased demand for data professionals. And although it’s potentially the marketing department that will see the biggest impact of a data cleanse or data analytics, in the long run the business as a whole benefits.
Here at Huxley Dubai, we have access to financial data specialists across the world, helping to ensure banks are able to get the most from their big data and use it to their advantage. If you’re looking to grow your business or simply want a better understanding of your database, we can help. Connect with the Huxley team at [email protected] , or follow our LinkedIn page today to get informed on the latest updates.