Key Emerging Truths
Amidst the larger trends, challenges and opportunities driving banking into the future, several key truths have emerged:
Transactions are a source of intelligence:
For many years, credit and debit card transactions were processing tasks to be recorded and stored. Now, they are essential sources of data that can help you understand each customer’s behavior, needs, habits and preferences. As the primary holders of that data, banks are in the best position to wield that intelligence to better serve customers.
Customers are demanding more control:
Financial services is an increasingly self-service world, and customers expect services at their fingertips, anytime and anywhere. Equally important, they want more choices, more convenience, more personalized offerings and a more holistic view of their banking relationship across products, services and organizational silos.
Location is an increasingly important factor:
To play a bigger role in each customer’s financial life, you need to have greater awareness of where your customers are conducting their financial transactions. The gold standard for one-to-one marketing is to deliver the right offer to the right person at the right time - and in the right place. Banks that can make use of location data have an advantage.
Real-time is the only time that matters:
Integrating, analyzing and acting on data from multiple sources can’t happen fast enough. You need to be able to glean insights from multiple data streams and act on those insights immediately, before opportunities are lost.
Partnerships are necessary to growth:
While banks possess the financial transaction data that can fuel new insights, turning those insights into new products and services requires a team of professionals with resources beyond the traditional banking world, including technologists, retailers and telecommunications service providers.
Banks that can turn these truths into advantages will be more likely to succeed and prosper in the near future, ushering in the era of customer (people)-centric banking. This customer-centric strategy requires the anticipation of future needs - looking at behavioral patterns, market trends and user experiences for proactive measures to secure a personalized, unique and memorable experience across multiple channels. This, in turn, enables the customer to feel understood and valued, and more likely to develop a loyalty that will be a good basis for customer retention, up-selling and cross-selling.