Power of customer insights will separate digital banking winners & losers
Banks and credit unions urgently need digital tools that ingest and distill consumer data. By deploying proactive recommendations based on real-time needs and behaviors, financial institutions will be able to personalize experiences at scale, generating loyalty, trust and sales. The fate retail banks and credit unions will be determined by how quickly such tools are seamlessly integrated into the experience.
Is your institution prepared for a world where you can use your customer’s digital identity and relationship insights to build products, services and communication based on every aspect of their lives and their surroundings? Are you working on data and analytics capabilities that will allow you to customize individual engagement with little or no friction or involvement from your customers? This is the future we are moving towards … quickly.
Here’s a simple example of what’s now possible.
I just received a new razor from Gillette that I customized myself. This was made possible because of a partnership between Gillette and 3D printing startup Formlabs. This wasn’t just getting a current razor design offered by Gillette in red (my favorite color), but a personalized razor with a unique handle, created from thousands of color and unique design options. I even have my name embossed into the razor handle.
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