Last Updated on Tuesday, 18 April, 2023 at 11:53 am by Andre Camilleri
How Bank of Valletta is using data to improve customer experience
Data insight is all about harnessing our data to provide essential wisdom and reveal actions we can take to improve operations and improve the service offered to customers. This was stated by Lara Selvagi, Head – Data Insights and Economics at Bank of Valletta during ‘The Role of Data Analytics in Organisations’, a webinar organised through the collaboration between Bank of Valletta and the Gozo Business Chamber.
“Businesses are collecting data all the time, and we need to become data aware and be conscious of the benefits that this can bring to the table,” said Ms Selvagi. “This data needs to be analysed, interpreted, and presented to the decision-makers within the organisation so that they truly understand what is going on in the business. Consequently, they are in a position to take informed decisions that will benefit the company’s customers and ultimately the company itself.”
“No decisions should be taken without insight derived from data, essential to gain wisdom and obtain the wins that the business really requires,” continued Ms Selvagi. “Data tells us what happened, why it happened, and helps us forecast what will happen while providing guidance on the next steps to be taken for the success of the business.”
In her intervention, Ms Selvagi proceeded with presenting a series of actions taken by Bank of Valletta in improving efficiency, taking informed decisions, identifying customer needs, personalising marketing strategies, and mitigating risks through the analysis of data already available on the Bank’s data sets.
Business analytics is a powerful tool in today’s marketplace leading to informed decision making and the crafting of business strategies. Across industries, organisations generate vast amounts of data which, in turn, has heightened the need for professionals who are data literate and know how to interpret and analyse that information. This is the reason why Bank of Valletta has recently set up a dedicated team driven by Ms Lara Selvagi, entrusted with the responsibility of harnessing data from across the organisation. This insight is made available to the Bank’s decision-makers who consequently have a clearer picture of the market and their customer base and can take more informed decisions. This development is an important cornerstone in the Bank’s strategy to improve its customer-driven strategy, with the ultimate aim of giving customers a more holistic and efficient experience.