The financial services industry has undergone tremendous changes over the past few decades; Especially in the banking sector. The banking sector's adoption of technical developments in its performance of banking services has changed the way we conduct our business and make decisions, especially with the use of data analytics and the increase in processing capabilities.
As banks are constantly looking for the best ways to keep pace with these developments and updates, it may be difficult for them to maintain a position in this rapidly changing landscape. Although such changes may cause confusion for banks because of their abundance, they should be viewed as promising growth opportunities for various fields of work, as these opportunities may be the starting point for the success or failure of banks.
The best possible starting point is arguably a customer centric approach. Deloitte's research findings showed that customers perceive their major banks as giving them far less value in terms of satisfaction, or communication, than their favorite brands like Apple and Google, with a variance of up to 24% in the areas that cover Quality, value and understanding of customer requirements.
Furthermore, the Deloitte study also showed that top consumer priorities include:
- * Strong insurance of information on the Internet.
- *Have options for managing online financial exchanges.
- * The ability to solve problems in real time.
Financial institutions should use platforms to manage their data; To keep pace with the technical developments that these institutions plan to implement now, or in the near future. The chosen data platform must support multiple data sources, to ensure timely and appropriate services are provided to meet customer requirements.
Undoubtedly, easy access to data makes the decision-making process easier, especially in terms of expansion plans, markets that growth companies should consider, and so on. Moreover, the data helps in laying out a coherent outline of an effective business plan, including estimating potential risks and developing management strategies.
Thanks to the collection of data on transaction patterns, more accurate business analytics uncovers new potential customers and previously unrecognized markets. Prevention of potential threats in the future can also be ensured by efficient monitoring of customer interactions.
Easy access to relevant data can help banks identify important elements; Like a customer or market that offers the best potential for growth, or how a company or customer can improve their credit. Implementing a proper data strategy will allow you to monitor your data and track relevant information, resulting in 40% fraud prevention.
In terms of commercial success, maintaining customer loyalty is just as important as building a broad consumer base. According to research by Accenture; More and more consumers are looking for available financial service providers in the digital space.
Banks have shifted their focus towards providing a unique digital user experience, which increases customer loyalty and enhances brand value. This includes providing customized, efficient and simple interactions, while reducing costs and preventing cyber threats.
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| A look at keeping pace with the future of finance |
In a similar vein, the Dutch Rabobank, which has a customer base of more than 8.3 million people globally, sees great importance in data analytics.
They realize how they can use their data to improve performance and service delivery, thus providing a better customer experience. The bank has embraced the use of our cloud platform for real-time data analytics, with the aim of generating analytics and insights that can be quickly acted upon.
The demand for artificial intelligence (AI) within the banking sector is increasing rapidly compared to traditional methods.
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