This post is written by Shital Shah, SBI Associate Consultant.
In our data driven world, how important is an integrated analytical framework for mobile financial services? During a recent meeting with a pair of business school professors, we sat down to dissect an approach to framing business analytics in SBI’s mobile banking initiatives. Business analytics, or data collection and analysis in general, hold several useful purposes:
– A tool for business decision making
– Assessing wider impact of service
– Understanding the added ‘value’ for customers and agents
The business analysis will help companies navigate potential obstacles better – with real time data outputs and consolidated reports tracking tends and patterns, management will be understand what is happening with key areas of their operations. However, the analysis can also have a broader purpose. Many of these mobile money ventures are the first of their kind in these markets, which presents a unique opportunity to understand the role of financial institutions in building large scale transaction platforms.
In addition to analyzing business processes, there is also an effort to capture and analyze valuable data points from the experience of scaling a mobile money venture. By capturing key data points, such as number of active users, number of agents, and transactions per agent, in a way that is not burdensome to the customer or agent, properly trained MIS/IT teams can analyze data that is informative and useful for management to make strategic decisions.
Investing time and resources into building a robust data capture system is no easy task for new ventures, but the value-add for the longer term health of the business is likely to contribute to its success.