The financial services industry, particularly in banking, has undergone immense changes over the past few decades. The adoption of technological advances in banking, especially with data analytics and processing power, has changed the way we do business and make decisions.
As banks are constantly looking for ways to keep up with these new developments and advances, it can be difficult for them to find their place in this rapidly changing landscape. However, while these changes may seem overwhelming to many banks, they should actually be viewed as potential growth opportunities for the business. These opportunities can be critical for businesses to stand out.
A great starting point would be to focus on a customer-centric approach. A Deloitte study found that customers identified their top banks as offering them significantly less in terms of emotional or connection benefits than their favorite brands such as Apple and Google, with up to 24% difference in areas covering quality, value and the customer. agreement.
In addition, the Deloitte study also highlighted that top consumer priorities include strong online information security, the ability to manage online financial exchanges, and the ability to resolve issues in real time.
Financial firms should use a platform to manage their data to keep up with technological advancements they are implementing or gradually planning to implement. The chosen data platform should support multiple data sources to ensure appropriate and time-bound services that meet customer demands.
Data creates opportunities
Having easy access to data aids the decision-making process regarding expansion plans, which markets a growing business should look to, etc. Additionally, the data helps create a solid blueprint for an effective business plan, including potential risks and management strategies.
Further business analysis gathered from transaction patterns reveals new potential customers and markets that could not be identified before. Monitoring customer interactions effectively ensures that potential threats are prevented as they happen.
Having easy access to relevant data can help a business identify things like which customer or market has the best growth potential or how the business or customer can improve their credit rating. Implementing a good data strategy allows you to monitor your data and track relevant information, resulting in 40% fraud prevention.
Consumers: Banking, Technology, Personalizationnot
For the success of a business, customer retention is as important as building the consumer base. More and more consumers are looking for digitally available financial service providers, according to Accenture research
Banks have turned to integrating a unique digital user experience, which further builds brand and customer loyalty. This involves conveying personalized, efficient and low-friction interactions while limiting cyber threats and reducing expenses.
Rabobank in the Netherlands, with a customer base of over 8.3 million people worldwide, has recognized the importance of data analytics. They recognized how they could potentially use their data to improve their performance as a service provider, thereby providing a better customer experience. They adopted our cloud platform to perform real-time data analytics to quickly produce actionable insights.
Rabobank has provided better management services to its customers by integrating our data platform according to their needs. Additionally, by analyzing customer habits regarding loan repayments, the bank could recommend personalized solutions to users to help them achieve their financial goals.
Faster processes with AI
The demand for artificial intelligence (AI) in the banking sector is increasing rapidly compared to traditional methods. Having tech support can help generate data and analyze that information in a structured way, which makes the process much faster than doing it manually.
Besides recognizing key event patterns and triggering important alerts based on actionable insights and predictive insights, the ability to track and broadcast processes in real time prevents online risks by applying precautionary measures before any accident.
Energize your digital journey
A study conducted by International Data Corporation (IDC) highlights that by 2023, 85% of APEJ banks in the first two tiers will adopt multi-cloud or hybrid technology integration plans.
A cloud adoption strategy is a new approach to meeting customer demands while maintaining the structure of the workplace. Using the generated data to its full potential helps businesses to keep customers interested by offering them personalized services, keeping them engaged and helping them to stand out from other businesses, attracting more potential customers.
Ahmad Shakora is Cloudera’s Regional Vice President, Middle East, Turkey and Africa