Data Snacks, Member Exclusive

With frustrated customers, the majority of banks still don’t have a plan

  • The Covid-19 pandemic has forced banks to prioritize customer experiences and interactions.
  • Data ecosystems can help drive bank platform success for hyper personalization and risk identification.
Rimal Farrukh | April 12, 2021
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With frustrated customers, the majority of banks still don’t have a plan

Banks have been increasingly making customer experience investments in the wake of the pandemic. Despite recent progress, banks can still work on addressing consumer frustrations around customer experiences. 

According to Capgemini’s World Retail Banking report, 61 percent of firms lack CX management teams dedicated to defining customer roadmaps. To meet customers half way, banks can take measures such as deploying CX digital layers and reimagining branches as experience centers to provide customers with omnichannel communication. Intelligent data use is an essential ingredient for these processes. 

Customer-centric data collection offers a significant avenue for gauging consumer attitudes, priorities and behaviors for the development and refinement of customer experiences. 

According to Capgemini’s report, banks that utilize data ecosystems can generate successful customer experience journeys by improving their core offerings and creating new products around consumer insights. 

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