Personalize the customer experience with unified data infrastructure
Customer churn remains an enormous challenge for financial institutions. Yet many don’t realize their technology solutions are the limiting factor to creating a more customized experience.
According to a recent study about mobile banking, 61% said they would change banks if their bank offered a poor mobile banking experience.[1] The importance of digital banking and an exceptional online presence is more crucial than ever to customer retention and growth for financial institutions. By leveraging a data driven approach to digital services, these organizations can remain competitive, compliant, and maintain high customer retention into the future.
To promote differentiated services and offerings effectively, banking institutions must be able to glean insights from a plethora of data, including different data sources, formats, and locations. Personalization in banking is about delivering a valuable service or product to a customer based on personal experiences and historical customer data. It can help to build trust and in turn, drive results and revenue.
Today’s customers are looking for valuable insight and advice from their banks; however, it’s difficult to give good financial advice when you don’t know a customer’s goals or priorities. Unfortunately, this personalization is something many banks don’t have the capacity to offer.[2] And yet, this is doable. What gets in the way?
Overcoming barriers to a unified view of the data
Gaining a unified view of all the data in order to personalize the customer experience can be limited by the data infrastructure supporting the business. However, a software-defined hardware agnostic technology solution can provide a means of overcoming this challenge for financial institutions.
Financial institutions have typically been slow adopters of new technology due to regulatory, compliance, and security legislation. Systems supporting the banks’ service offerings and products, such as mortgages, loans, credit cards, and brokerage accounts can be disjointed. With the advent of the global healthcare crisis and an increasingly regulated market, gleaning insights from data across an organization has become increasingly complex.
The technology infrastructure supporting these divisions is also varied, with many cobbled-together point solutions that result in data silos. In contrast, leveraging a flexible data infrastructure that unifies data across an organization can provide valuable results for both internal teams and external customers.
Meaningful business insight comes from integrating and connecting data across multiple sources, tools, and technologies. Effectively identifying unique behaviors requires flexibility of data access.[3] By addressing the underlying problem of disparate systems and creating a unified view of the full range of data, internal teams, (such as data scientists) can explore data faster and impact the business more broadly.
