EVOLUTION OF BANKING
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
HARNESSING BIG DATA TO SERVE<br />
CUSTOMERS BETTER<br />
Banks and others also have an opportunity to personalise their online banking<br />
to each individual using Big Data insights. Websites will become dynamic and<br />
will change according to the personal preferences and interests of the user.<br />
A web experience that is more relevant to the customer will increase loyalty<br />
and cross-sales.<br />
Person centric database<br />
Precise customer<br />
segmentation allowing<br />
marketing of tailored<br />
products and services.<br />
Provision of personalised<br />
time and location<br />
dependent offers<br />
Be compliant<br />
Treat customers fairly<br />
Improve quality<br />
Address standardisation<br />
and evergreening<br />
Cut Costs<br />
Communication<br />
Processing<br />
Links all data about an<br />
individual to one person.<br />
<br />
<br />
Creates a single view<br />
of the person.<br />
<br />
Understand the effect<br />
of data<br />
Adding new data<br />
Increase Revenue<br />
Cross Sell<br />
Identify correct products<br />
Reduce Losses<br />
Understand exposure<br />
Understand behaviour<br />
The layout and marketing material on websites will change in real time to reflect<br />
what the customer has looked at previously or the user’s other activities in<br />
cyberspace. For example, if they have been searching for credit cards on Google,<br />
the website will update to display credit card products.<br />
Consumers will be able to fully personalise the look of their online banking<br />
portal, for example by changing which accounts appear by default on the home<br />
screen, or by attaching photos to accounts and “nicknaming” them to speed up<br />
navigation around the site.<br />
The font size of text and the contrast of colours will automatically change<br />
according to a user’s preferences.<br />
The offering of a personalised service helps to increase customer loyalty and<br />
advocacy as the customer feels they are receiving a good service. One of the<br />
best ways a bank can offer a personalised service is to predict an individual<br />
customer’s financial needs. In the future, banks will use big data analytics to<br />
understand a customer’s financial intentions and needs before they act on them,<br />
and send relevant marketing material ahead of time. Ironically this is what Bank<br />
Managers did for customers 25 years ago before banking changed!<br />
For example, a bank could determine a customer is considering buying a house<br />
from a 3rd party credit provider, and send information on specific mortgages<br />
the customer is likely to be approved for. Or the bank may understand from a<br />
customer’s smartphone location and credit card transactions that the customer<br />
has made a significant purchase from a furniture store and send the customer an<br />
SMS about upgrading their home contents insurance.<br />
The Evolution of Banking and Financial Services | 35