The retail banking industry is seeing a major shift, moving toward more digital interactions, increased data flows, and new competition. Changes in consumer behavior, expectations, and technological developments are all creating new demands.
Consumers now expect traditional services (savings and checking accounts, mortgages, personal loans, and debit/credit cards) to be completely reinvented. They want to open accounts in seconds, have a mortgage in minutes, and access all their banking data in just one click.
At the same time, we are seeing an increase in digital payments, rising regulatory pressures, and more competition from disruptive challenger brands outside of the traditional banking sector.
The banking world is now faced with many changes and challenges, but there is a solution: Data.
In this paper, we explore how retail banks can use all types of customer data to their advantage by:
- Capturing meaningful data to understand customer decision making.
- Combining data from multiple sources to explore opportunities to increase value.
- Analyzing consumer behaviors and emotions to understand relationships and uncovering the moments that matter most in customers’ experiences.
- Creating connected omnichannel experiences to create holistic multichannel experiences.
- Collecting data accurately across the whole customer journey, not just the beginning and end.
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