Banks, credit unions, credit card companies, insurance companies, stock brokerages, investment funds, and more must report their activities to government regulatory agencies. Following financial crises in the late 2000s, regulatory compliance has become stricter and more onerous on financial services companies like those listed above.
From the stricter need for reporting and the massive amounts of data generated by financial institutions, the regtech industry has sprung up, combining regulatory reporting and big data technology.
Competitor analysis is the process of understanding your competition in order to succeed in the marketplace. With a proper competitor analysis model, you can benchmark your progress against more established competitors, identify your target market, and even anticipate new products or services from your competition.
Nowadays, the abundance of data and the advances in Machine Learning and big data applications reduce the need for top-down segmentation of customers. Smart customer clustering based on many commonalities help companies better address customer needs to provide the right experience and divide resources efficiently.
As opposed to customer segmentation which divides the market into groups based on demographics and purchase history, persona detection and segmentation creates more personal profiles in order to better understand potential customers using information about behavior, attitude and personal journeys.
Price segmentation is the practice of offering the same products or services for different prices based on who is paying. Examples of a price segmentation strategy include loyalty cards, coupons, and student or senior discounts.