Meeting the ever-growing expectations of customers, managing risk effectively and dealing with the competition of non-traditional players entering the market are all issues in which banks are struggling with and have an effect on their top line revenue growth goals. Managing and overcoming these struggles all hinge on the adoption of a data driven strategy.
In order for banks to better serve their customers they need to be more responsive to the customers’ needs while taking into consideration generational differences and their buying habits. Let’s not forgot about a new generation of millennials, the “selfie” generation, a generation with more choices and options and unparalleled communication. It’s essential for banks to ensure their customizing their offerings and products at the right time thru the right channel all while dealing with customers and new generations who are less loyal and more savvy. With less face to face interaction and the need to focus on more non-personal methods using online and mobile technologies banks are in desperate need of more frequent and meaningful engagement.
I recently read that the average American adult checks their phone about 150 times a day or more. The opportunity lies with banks who are investing and utilizing analytics to capture that data and using that to personalize offerings and gathering access points to create highly dynamic offerings to enhance their customers’ experience. This allows banks to deliver the right products and offerings to the right customers at the right time while still serving the mass market in a cost-effective manner. Banks are heading down this path and starting to take lessons from retailers, an industry that has been an early adopter of big data and analytics to predict and understand customers and successful at increasing customer engagement.
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