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Harnessing data and an evolving ecosystem for agile customer-centricity

Financial institutions today understand they have to transform their services to meet customer demand for more personalized solutions. But meeting this demand requires agility, a suite of evolving apps and solutions, and deep insights into customer behavior, wants and needs. There’s no lack of data, but harnessing the insights from that data is a different proposition. Much more beyond basic analysis is required to really offer customers what they need.

Data, data, everywhere

Financial institutions today understand they have to transform their services to meet customer demand for more personalized solutions. But meeting this demand requires agility, a suite of evolving apps and solutions, and deep insights into customer behavior, wants and needs.

There’s no lack of data, but harnessing the insights from that data is a different proposition. Basic analysis may tell financial institutions where their customers are, what kind of accounts they have with that institution and perhaps some demographic information. But much more is required to really offer customers what they need. 

For example, knowing that an individual saves money every month provides the opportunity to offer automated savings tools or a savings account with a better interest rate. But most financial institutions can only access that insight if both the savings and checking account are held with them and if they make that exact query on the data. User-friendly visualizations of insights, which make intuitive leaps like this easy, are often far beyond the capabilities of many financial institutions.

Financial institutions have to go beyond basic data analysis to best serve their clients – they need data enhancement. To gain true insights into their customers, they require visual, interactive data that offers true differentiation in the market. They also require the agile apps and solutions that can respond to what people want.

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