Gone are the days of a linear banking experience. The banking journey has evolved into a dynamic path, defined by a proliferation of touchpoints and owned by customers who desire a better omnichannel experience.
However, financial institutions are facing major challenges in not only meeting consumers’ omnichannel demands, but also delivering on customer engagement and hyper-personalization. To meet these demands, stay relevant, and compete on experience, banks and credit unions need to organize their data into a single point of control and offer dynamic, individualized customer banking experiences — something some refer to as smart banking.
The key first step in accomplishing this lofty goal is embracing digital transformation. Marketers must recognize that today’s wide range of touchpoints are an opportunity to deliver additional value to the consumer and improve their overall omnichannel experience. To translate customer data from these touchpoints into business value, financial institutions must have the ability to blend their massive volumes of data into a single point of control over data, decisions, and interactions.
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