Over the past decade, big data has proven to be more than just a buzzword.
Big data has become capital. The ability to collect it, and track it, is the key to growing your business in the 21st century.
As tech-giant Oracle explains, big data is data that contains greater variety, arriving in increasing volumes, with ever-higher velocity. Variety, volume and velocity are known as the ‘three Vs’ of big data.
First coined around 2005, the term ‘big data’ was initially used to explain the sheer amount of data that was being generated by users through Facebook, YouTube, and other online services. Since then, the volume of big data has skyrocketed.
Recent technological breakthroughs mean businesses can use data and analytics to make more accurate and precise business decisions, and address business problems they wouldn’t have been able to tackle before.
Banking on big data
According to Telstra’s Analyse This, Predict That: How Institutions Compete and Win with Data Analytics report (a must-read for Australian financial services companies), access to data and the ability to effectively manage analytics will decide which financial institutions will prosper and which will be displaced in the big data age.
Perhaps what is most exciting for financial services companies is that analytics-enabled financial products that crunch data have the ability to influence consumer perceptions and behaviour, supporting customer acquisition, engagement and retention strategies.
The importance of collecting and tracking data
If you haven’t already, now is the time to start tracking your businesses’ data.
Huge opportunities exist for financial services companies to grow their business by harnessing data for sales and marketing. In the Asia-Pacific region 68% of financial institutions have been tasked with driving data analytics strategy, requirements and investment agenda to drive company growth.
Getting started
Thanks to accounting and financial advisory software products like Xeppo, big data doesn’t have to mean “big investment” or “big challenge”.
Xeppo allows you to start generating new, and nurturing old client leads to grow your business. It brings information together from all your specialist software solutions, so you and your clients can work from an integrated platform.
These Xeppo apps are a perfect way to start tackling your company’s data head-on:
Xeppo Sales App
One of the most immediate impacts of Xeppo within your business is its ability to drive new business revenue. With the Xeppo Sales App, you can data mine your business, cross-referencing tax, insurance, assets, income and debt to build highly targeted queries. This will help you identify valuable cross-sell opportunities.
Marketing App
Easily connect and communicate with all your clients through Xeppo’s Marketing App. Once you’ve created your marketing list, the App integrates with MailChip, allowing you to create further segmented lists and send targeted communications based on client needs. For more marketing tips, be sure to read our ‘How to effectively nurturing client relationships’ blog.
Net Worth App
Build an accurate net worth of your client by leveraging all of the assets and liabilities stored in Xeppo, through the Net Worth App. The App enables you to deliver a single online portal for you and your clients to view and manage all their financial affairs.
Moneysoft App
Seamlessly connect your clients’ personal finances directly into Xeppo. The Moneysoft App allows your clients to add their personal banking, investment and property details directly via the Xeppo Portal.
Rankings App
Xeppo’s Rankings App will help you understand what your clients are worth to you across all divisions – a powerful way to identify new business opportunities.
For more data-demystifying apps, take a look at the full range of Xeppo features, and start turning data into capital for your company today.