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Inside magazine issue 12 | Part 01 - From a digital perspective New technologies are enabling aggregation of customer information, allowing organizations to present the customer with a holistic picture of their wealth and financial needs. 10. Shifting from a “data-capturing” to a “data-leveraging” approach The digital era is generating an enormous amount of data, from word-of-mouth tracking, to social influence, etc. Banks need to make this data meaningful by collecting and interpreting relevant statistics and convert it into a better customer experience, using data as the foundation for better decision-making and action. New technologies are enabling aggregation of customer information, allowing organizations to present the customer with a holistic picture of their wealth and financial needs. Meanwhile, banks are provided with new information on customers’ preferences, enabling further sales. The proliferation of big data and new analytical capabilities are resulting in new insights across multiple areas within banking and wealth management, such as client behavior and segmentation, product and investment strategies, and analyzing the effectiveness of advisors, intermediaries and channels. However, most of the data stored still go unused. Banks need to shift from a “datacapturing” to a “data-leveraging” approach. Through the use of analytics, banks would be able to identify growth opportunities by mapping a list of revenue growth opportunities for relevant products in each business area. Banks could also better define customer priorities by identifying and valuing their needs together with gaps in their portfolio of products held with the bank. Finally, they would make the most of their employees resources, as the time dedicated to dealing with clients could be spent on the customers with the highest potential for the bank. Another use of the collected data that banks hold is to open them to the public (open data) and encourage crowdsourcing. The exposure of banking, payment and settlement capabilities to the wider business eco-system via Application Programming Interfaces (APIs) enables banks to leverage the APIs of third parties for verification, accounting, and modelling services. An Australian bank released a customer-facing API framework and portal to share access to real-time banking data with third-party developers. Developers are required to register themselves and their application on the portal in order to get an API “key” that unlocks access to the data and functionality provided. Customer data DNA App Usage Client website Clickstream Call/Text Usage Compliant History Demographics Social Attributes Billing Behavior Offer History Caller Network Social Influence Volatility Life Events SAMPLE TOUCHPOINTS Data Usage Exposure Inquiry Exploration Stabilization Maturity Attrition 24
Inside magazine issue 12 | Part 01 - From a digital perspective Conclusion •• There is no one-size-fits-all digital transformation journey—the latter depends on the organization’s business goals and its current degree of digital maturity. While some banks are starting to reap the benefits of their previous digital investments, others have only just embarked on their digital revolution. •• When driving their digital transformation, banks should not only focus on technology. Without a clear digital strategy, customer segmentation and appropriate data management capabilities, their digital business case could be put at high risk. •• Banks should start small to avoid big failures by adopting a “test-andlearn” approach together with an agile framework. In order to seize the benefits of the digital transformation, they also need to redefine the KPIs at brand and customer level. •• Besides building new or improved digital capabilities, banks should not forget to foster a risk-taking, innovative and collaborative digital culture across the organization, from employees to top management. Embarking on a digital transformation program is as much a people journey as it is a technological one. •• In order to become a leading digital organization, banks should focus on the following digital initiatives: become a data-driven enterprise, deliver a personalized and integrated customer experience, streamline and digitize their manual processes and adapt an appropriate digital operating model based on the chosen digital strategy. •• The main conclusion is that banks must constantly conform their digital offering to the market and adapt it continuously as needed. Sources http://sloanreview.mit.edu/projects/strategy-drives-digital-transformation/ http://www.mckinsey.com/industries/financial-services/our-insights/strategic-choices-for-banks-inthe-digital-age http://thefinancialbrand.com/55952/2016-top-banking-trends-predictions-forecast-digital-fintech/ http://www.millennialdisruptionindex.com/ http://www.gtb.db.com/docs_new/GTB_FinTech_Whitepaper_A4_SCREEN.pdf https://www.atkearney.com/digital-business/ideas-insights/featured-article/-/asset_publisher/ Su8nWSQlHtbB/content/going-digital-the-banking-transformation-road-map/10192 25
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Inside magazine issue 12 | Contacts
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Our expert authors, who are brimmin
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