Banks Can't Rest on Their Laurels
2. Using Data Analytics to Customise Offers
As customer usage of digital channels grows, there is a treasure trove of data that banks can leverage to enhance their offerings and drive brand value. According to the findings from EY’s Global Consumer Banking Survey, banks need to enhance customer understanding by adopting new data streams and more advanced analytics, segment customers more granularly and develop tailored propositions, and improve personalisation and targeting capabilities.
While banks have a wealth of data, operations tend to be complex and siloed. As such, it is challenging to put together relevant data from different departments to provide a comprehensive picture. Marketplaces offer a holistic view of the customer journey from search, all the way to approval and beyond.
This opens up avenues for banks to personalise the customer experience by offering real-time offers based on the customer profiles.
