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There are few industries where you have access to the breadth and depth of customer data as the banking industry. However if this data isn't informing strategy, banks are missing out on the opportunity to deliver an exceptional customer experience. From the 'ten thousand foot? perspective, banks can cross-reference market data from sources such as Bloomberg against their own customer demographic information and make decisions, but what if you could get even more granular?
In today's market, there are a number of new trends in banking and data analytics that can be merged together to bring better, more actionable insights to customer-facing teams. For example, banks are using more ways than ever to communicate with their customers - for example, the rise of WhatsApp, WeChat used by relationship managers - meaning more ways to track touchpoints. Many banks are using out-of-the-box or home grown chat rooms and chatbots to manage customer requirements and ticket customer requests, as more consumers shift to technology solutions as opposed to in-person meetings for their banking needs.
With this myriad of ways to connect with and capture data from customers, measuring, centralising and understanding the impact of these individual interactions is as important as the analysis of 'traditional? touchpoints banks have with their customers (something that banks are already very good at). Creating a 'single client view? with data from market sources, recent communications and internally held data gives the competitive advantage in customer experience and revenue acceleration.
By leveraging artificial intelligence (AI) and machine learning, banks today can uncover greater insights to drive smart business decisions that boost efficiencies, unlock productivity, and - most importantly - improve the customer experience. Logging and tracking every touchpoint to deliver optimised, real-world communications data empowers marketing and client-facing teams to better tailor their messaging and approach from guesswork and past-experience best practices to a more sophisticated, data-driven strategy for future success.
At the end of the day, customers are the most valuable asset to any financial institution and those customers expect more from their banking experience than ever before. At a time when banking has arguably become increasingly commodified, it has never been more critical that banks seek to find new ways to reach their customers and provide a unified and seamless experience.
Join Introhive's Peter Hammond for an upcoming webinar, Banks as Data Behemoths - How Financial Institutions are Unlocking the Competitive Advantage in Data - on Thursday 1 October 2020, to learn how AI and machine learning can help you better leverage the data you have to drive future success.
RELATED EVENT: Digital Innovation Summit, 2-20 November
Register now for the 2020 Digital Innovation Summit, UK Finance's flagship technology event with seven streams of content for members across Mortgages, Payments, Ethical AI, Economic Crime, Digital Strategy and more.
Over three weeks a huge variety of content will be delivered via interactive debates, broadcasts, podcasts, lightning talks, videos, and interviews with senior decision makers. Every day, fresh content will be made available to delegates.
Register now and join the innovators, game changers and rule breakers that are reimagining financial services.
Nick Factor, Industry Director, Banks & Financial Services, Introhive
Join innovators, game changers and rule breakers at the Digital Innovation Summit to see how we are reimagining financial services.