HOW DATA-DRIVEN DECISIONS AND HYPER-PERSONALISATION CAN UNLOCK SUCCESS IN THE BANKING SECTOR
Frode Berg , Managing Director , EMEA , Provenir , discusses how the secret to a successful banking sector strategy lies in data-driven decisions and user experience that keeps pace with other everyday digital platforms .
CASHING IN
In today ’ s on-demand digital world , where the likes of Netflix , Spotify and Amazon have set a high bar for seamless , personalised experiences , consumers around the world expect nothing less from their bank .
To illustrate this point , a recent McKinsey & Company study revealed that banks using customer analytics have seen a 20 % increase in satisfaction scores and a 15 % revenue boost .
By embracing digital thinking and harnessing the power of data analytics and the smarter Artificial Intelligence ( AI ) innovations that are entering the market at pace , banks can successfully pivot towards hyper-personalisation , delivering tailormade services in real time .
This shift not only increases customer engagement ; it also serves as a key differentiator in a crowded market . With the rapid adoption of customer analytics by FinTechs and neo-banks , traditional incumbents must develop targeted datadriven strategies to remain competitive and retain customers .
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