Data and a global pandemic
In 2020 a global pandemic shook the world. People sought refuge at home, while businesses tried to adapt services to cope. What was needed was an agile, flexible, and supportive approach. In other words, a digital native mindset. If the days of in-store differentiation was on the wane before, COVID served to further render them obsolete.
Let me be clear, no-one wants a global pandemic. But a shock to the system is often what it takes to spark action. Action that forces real change.
For instance, a change in the way you interact with each customer. Increasing interactions based on the context of an original exchange - providing what signifies value to them. Which may be something entirely different to another.
Delivering this level of personalisation demands an agile approach built around data. Because it’s with the insight from your data that you can analyse behavior and use it to guide engagement.
To achieve this, there will be challenges. Many will be all too familiar to you.
Customer intelligence is an important predictor of revenue growth and profitability. The more you know about your customers buying behavior, engagement history and preferences the more relevant the services and products you can offer.
There’s good news. Advances in technology have given you access to more data about what customers do and want.
How to use data and analytics to get closer to your customers
In a global survey of financial service companies, 81% of CEOs highlighted concern at the speed of technological change. They should be. Particularly if you also consider only 61% of bank executives say a customer-centric model is “very important”. And that only 75% are making investments in this area.
Your customers are your number one priority. A reason to be optimistic is it’s becoming easier to generate, gather, manage, govern, and gain value from data.
For example, situational data, much of it from mobile sources – smartphones, sensors, wearables and so on – and the ability to tie it to operational data such as transaction history and risk profiling, is now possible.
Cloud data and analytics platforms are providing a foundation to help make connections in (or near) real-time, so you can use the insight to deliver ‘next-action’ recommendations and advice.
Now we’re beginning to think and act like a digital native.
This is where data management and analysis provide the transparency to remain ahead. It gives you control of your data. And it lets you get to the heart of the matter.