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.
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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Data ecosystems can shape demand forecasting and help banks determine successful pricing strategies. Multi-firm data ecosystems where partners share data about consumers can help banks locate potential financial fraud threats to implement effective risk reduction. Leading Japanese bank MUFG partnered with ride hailing company Grab and utilizes a joint data ecosystem to diversify its services and customer interactions.
Partner data aside, consumers are increasingly willing to share their own data with their bank providers.
According to the report, 86 percent of respondents stated that they would share their data in exchange for more personalized banking products and services.
However, only a quarter of consumers are open to data sharing without any caveats. Consumers today are generally more wary of how businesses make use of their data.
To support greater reassurance to their customers, banks can improve upon their consent management capabilities to ensure safety and compliance with regulations.