Customers are Demanding a Digital Banking Experience

Customers are demanding a modern banking experience that delivers services, in the same manner, they are accustomed to in their day-to-day lives – on-demand, tailored to their needs, and in the palms of their hands.

The transformation to a digital bank is extremely disruptive for financial institutions who have historically provided services via disparate product lines with limited ability to share data about their customers. Small and mid-sized banks are further challenged as outsourced banking platforms are often leveraged thereby allowing the service provider to dictate the digital capabilities available.

The journey to digital banking involves:

  • Transformation to a new customer-centric operating model.
  • Optimized data capabilities delivering security, transparency, efficiency, and digital scalability.
  • New digital capabilities providing omnichannel services and engagement.

The Digital Challenge for the Digital Bank

Now imagine instead of a retailer with a single line of business, you’re a mid-sized bank with multiple products available for your prospective customers: checking and savings accounts, mortgage loans, credit cards, student loans, just to name a few. In each of these service areas, customers are interacting with you via multiple channels (online, in a branch, over the phone) and their data is potentially stored across multiple systems. A comprehensive, single view of each customer is critical to effectively tracking, managing, and serving your banking customers. The challenges include: 

  • Measuring outcomes, not outputs
  • Improving the experience of the customer
  • Increasing trust and transparency
  • Leveraging big data and analytics to improve decision-support
  • Transformation of the banking operating model

Data Drives Digital Banking

A well-designed and effective MDM platform is a critical component of the Data foundation. Customer 360 is the key needed to unlock powerful and game-changing capabilities. Investing in a master data management solution for your Customer domain will pay dividends for decades to come by enabling a customer-centric approach to digital service delivery, a holistic approach to analytics and fraud detection, major improvements in operational efficiency, increased collaboration, and improved decision-support. Ultimately, investing in a well-designed master data management solution will ensure that financial institution is effectively leveraging data assets to serve every Customer.

The four key value drivers for the customer 360 model are: 

  1. Customer-centric approach to service delivery
  2. Process optimization & operational efficiencies
  3. Holistic Customer Analytics & robust decision-support
  4. Identify fraud, waste, and compliance issues

 

 

Master Data Management provides the means to link customer data across information silos.

We'll walk you through how to solve the data challenge for the financial industry.

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