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Mobile Financial Analytics: Practical Insights At Your Fingertips

McKinsey reports that organizations that implement a comprehensive, analytics-based business strategy, can cut down churn by up to 15%.

Data, aka “analytical insight”, has the power to transform or reshape the way things are done, boost revenue and quash competitors.

If mobile money providers put their strategic and organizational muscle behind mobile financial analytics, it should become a real business discipline.

What is mobile financial services analytics?

Mobile financial services (MFS) analytics provides statistics and various views around the financial provider’s mobile offerings. It gives in-depth knowledge about how customers are using the service and how much they are spending, in order for the business to take strategic actions to improve overall performance and revenue.

It is used as a valuable resource for business insight, as well as for auditing purposes and regulatory compliance.

Mobile financial services analytics provides guidance for businesses to create new services or products, and how to market them, as well as insight into customer behaviour in order to increase customer satisfaction and therefore loyalty.

Benefits of mobile financial services analytics for businesses

Mobile financial services analytics enables organizations to discover emerging trends across key revenue and cost drivers.

When analytics drives business strategy, it results in three major benefits that lead to increased revenue:

  1. Increased customer loyalty
  2. Guidance into new services and product offerings, as well as cross-sales
  3. Enhanced marketing ability

In addition, it aids monitoring against fraud.

Mobile financial analytics should spearhead the entire mobile financial service strategy.

This is because the data provides views to:

  • Simplify the customer activation processes.
  • Accelerate customer product adoption because business knows what they need.
  • Strengthen fraud detection.
  • Form a complete picture of each subscriber’s profile by integrating MFS usage with network data.  Network usage data adds very rich additional layers of dimensions such as: 
    • Locations
    • Device used
    • Voice, SMS, data usage volumes and spend
  • Boost revenue by targeting the most appropriate subscribers for campaigns, by looking at a complete picture of network interactions and MFS transactions.
  • Use subscriber segmentation to deepen relationships with the most valuable subscribers, i.e. top x% revenue generating subscribers.
  • Track actual usage and revenue against MFS forecasts or previous periods, YTD or other defined periods.
  • Reduce risk with a current, accurate view of MFS.

Key features of mobile financial analytics

Seeing a complete picture of all subscribers networks and MFS behaviour helps the business form a complete picture of each subscriber’s interaction with the network, satisfaction rating, and value to the network. 

Adapt ITs MFS analytics technology seamlessly interacts with other advanced analytics products like Fraud detection and prevention and revenue assurance.

It makes advanced analytics possible, for example:

  1. Who is using the mobile wallet and what are they using it for? Is it for paying bills, sending money to family or receiving salaries?  
  2. In the case of merchant payments, it delves into the type and value of merchant spending. This can help drive what merchants to focus on for new agreements to expand services.
  3. Identify upsell possibilities by correlating network usage data with mobile wallet transaction. For example, someone that sends money internationally, but does not call internationally may be interested in a recommendation for an international calling discount or product.
  4. How is the ageing of micro-credits affecting revenue?
  5. Supports regulatory compliance.
Mobile Financial Analytics

Adapt ITs MFS standard offerings provides reports and dashboards to cover these logical areas: 

  • Transactions processed, non-processed, trends.
  • Revenue.
  • Subscriber activity.
  • Transaction types, like services-driven transactions (airtime, electricity, etc.) or system-driven transactions (direct transfers and deposits, withdrawals, and so on).
  • Location-based analysis.
  • Trends.
  • Subscriber segmentation.
  • Usage type (voice, data, SMS).
  • Microcredit and loans analysis (new loans, payments, aging and usage). What are loans used to pay for? What top-ups are cash vs from loans?)
  • In-depth analysis of recharges and bundle purchases.

How mobile financial analytics works

  1. Business accesses the shared information pool in the MFS analytics technology.
  2. The analytics system provides a view of the data in an easy to use format.
  3. Reports are easily generated.

The power driving Adapt IT’s Mobile financial analytics: CDRlive

CDRlive is an Artificial Intelligence and Augmented Reality-ready telecom-focused precision analytics tool that took more than 18 years of technology and industry experience to produce. 

Adapt ITs CDRlive technology is the only one of its kind currently available in the world. This robust technology eliminates incomplete and inaccurate data due to its fully auditable ETL process.

Explore the Power of CDR

Download your free white paper to find out how CDR is key to making effective revenue and churn decisions in the Telco industry and why call data records are the lifeblood of telecommunications.

How Self-Service Platforms Deliver an Ultimate Customer Experience in the Telco Industry

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