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Tuesday, May 14, 2013|
Asset Managers Aren't Embracing Predictive Analytics
Fewer than two percent of asset managers use predictive analytics tools to focus the firm's valuable sales resources on advisors who merit the firm's attention, according to a new report from kasina, Increasing Business Impact with Predictive Analytics.
The company says that this is in sharp contrast to a recent study showing that one-third of companies across all industries leverage predictive analytics tools for more profitable customer relationships.
"No firm can afford to have wholesalers spending time cross-selling or upselling products the advisor isn't interested in, pursuing prospects who won't respond or losing valuable customers who felt dissatisfied or ignored," stated Julia Binder, director of e-business research at kasina. "As budgets continue to come under greater scrutiny, predictive analytics is now a must-have for increasing the cost-effectiveness and profitability of resources."
While some large asset managers have used predictive analytics tools for several years, about half of the early adopters are small and mid-size managers according to the report. In fact, one mid-size firm regularly gets a 1.5- to 2-times sales lift for leads identified by the predictive analytics tool versus leads identified through traditional means.
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