Optimized Data Strategy: A Financial Service Success Story

Overview

A financial services company specializing in personal loans had collected five years of sales data and wanted to improve its sales strategies. During the global health crisis, loan applications surged, making manual data management overwhelming. The company generated 30-40 Excel reports every month, leading to errors, duplicate data, and difficulty in gaining useful insights.

Challenge

The company faced inefficiency and inaccuracy in reporting due to manual processes. The manager had to handle numerous reports containing duplicate metrics and inconsistent figures, particularly affecting the consumer behavior dashboard. Without a dedicated analytics team, strategic insights were lacking. An automated and streamlined reporting system was necessary but not yet implemented.

Implementation

To address these issues, the manager hired a freelance  data visualization expert from Pangaea X, who introduced a structured approach to optimize data use:

1. Data Preparation: The expert used Tableau to merge various datasets into a centralized database, eliminating data silos and ensuring consistency across reports.
2. Data Versioning: A versioning system was set up to maintain data integrity over time, allowing monthly data snapshots to be archived for audits and corrections.
3. Dashboard Development: Five essential dashboards were created to provide insights:
   • Customer Analytics Dashboard: Tracked customer demographics, loan uptake, repayment patterns, and churn rates.
   • Sales Dashboard: Provided insights into sales performance, trends, and forecasts based on historical data.
   • Market Segmentation Dashboard: Identified different market segments to improve targeted marketing strategies.
   • Classification Dashboard: Assessed risk profiles and loan types to enhance loan management and risk assessment.
   • Employee Sales Dashboard: Monitored individual and team performance, encouraging a productive and competitive sales environment.

Each dashboard had an intuitive interface with interactive features, allowing the manager instant access to critical data without sifting through spreadsheets.

Benefits Achieved

• Automated Reporting: Moving from manual to automated reporting eliminated errors and increased efficiency.
• Time Savings: The manager saved approximately 480 hours per year, enabling a focus on strategic decision-making instead of data compilation.
• Single Source of Truth: A centralized system ensured all metrics were accurate, reducing discrepancies and improving decision-making.
• Better Decision-Making: Clear, visually engaging dashboards allowed for faster, data-driven decisions, improving customer engagement, product offerings, and sales strategies.
• Increased Staff Productivity: Transparent performance tracking helped staff understand their roles and market trends, boosting motivation and efficiency.

Conclusion

Collaborating with Pangaea X transformed the company’s data management approach. The introduction of automated and user-friendly reporting systems allowed for better insights into customer data and market trends, both during and after the COVID-19 crisis.

This case study demonstrates how leveraging the right technology can enhance business operations and drive smarter decision-making in a data-intensive industry.For businesses looking to achieve similar results, hiring a freelancer from Pangaea X provides access to top-tier data visualization and analytics expertise. This ensures seamless integration of technology-driven solutions tailored to unique business needs.