EVOLUTION OF BANKING
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
The way forward<br />
A move to a customer centric view in all aspects of a financial<br />
institution’s dealings with its customers is critical to its<br />
maximising competitive advantage.<br />
Smart technology enables today’s customers to quickly locate the products<br />
and services that most suit them and to move from their bank or financial<br />
institution if it does not meet their expectations. Showing loyalty to a brand<br />
no longer has the same appeal as it did to earlier generations as much more<br />
is now expected than just great products and services.<br />
A new dynamic is demanded. Core to this new approach is the ability of the<br />
organisation to:<br />
• Bring together all the relevant internal data to form a total customer view.<br />
• Leverage external information to identify customers’ preferences and needs.<br />
• Use insights gained from combined internal and external data sources to<br />
anticipate customers’ requirements across all life stages.<br />
Using technology to positively identify and captivate customers will also grow<br />
customer engagement and empower them as they increasingly demand the<br />
opportunity to electronically manage their finances and interactions with their<br />
financial institutions.<br />
Customers also expect more. They increasingly look to use multiple channels<br />
to gather insights needed for informed purchases. Instead of using separate<br />
channels they expect transactions to be facilitated across multiple channels<br />
at once and at a time that suits them – and all of this with enhanced user<br />
experience.<br />
Capturing these customer experiences creates Big Data that an organisation<br />
can analyse to achieve better and more profitable delivery of products and<br />
services.<br />
Smart technology enables today’s customers to<br />
quickly locate the products and services that most<br />
suit them and to move from their bank or financial<br />
institution if it does not meet their expectations.<br />
This data is enhanced when external information is leveraged to create a full<br />
customer view.<br />
Decisioning tools that can effectively provide the necessary analysis are<br />
central to this process.<br />
Without the right customer insights, organisations risk falling behind in the<br />
competition. This is where Experian can help!<br />
The Evolution of Banking and Financial Services | 9
Change language