The banking sector is currently undergoing an innovation process that involves a profound digital transformation of its activities, which requires changes in its governance, processes and operations. Banks are shifting away from their traditional role to become technology companies in the financial services industry.
Banks are thus prioritizing the creation of secure platforms and ecosystems to provide a broader scope of services while providing a personalized experience to its customers. This can only be done using the latest technologies that enable massive data analysis such as Big Data, Artificial Intelligence and Cloud Computing.
Significant investments are being made to set up an increasingly automated and data-driven environment.
Banks focus on enhancing customer experience with multiple digital product offerings across its multiple touchpoints, providing easy, secure, uninterrupted and immediate access to information across multiple devices while optimizing operational costs for a near-seamless journey.
Financial institutions must also build an intimate relationship with its customer base, address and engage the right customer segment with the right offering at the right time via the right channel. This requires robust, responsive, agile and scalable IT infrastructural and technology components to improve data warehouse responsiveness and manage workloads in a cost-effective manner, including:
•A data management platform that helps store, process and analyze large volumes of structured and unstructured data
•Batch and/or real-time ETL transformations
•Data offloading mechanisms
•Data recovery mechanisms
Banks who are increasingly mature in their digital transformation journey are also showing the highest growth rate. Those who lag behind are also at risk of losing their customer’s loyalty as data is not properly shared across departments, pain points are not addressed in due time, an outdated design is not meeting customer expectations or a technical malfunction has caused transactions to be dropped.
It’s crucial to deliver a top-notch customer experience through digital banking and OREDATA is here to help address the root cause of business pain points, improve IT infrastructure and processes and build use cases based on functional knowledge to provide insights that matter most to data-driven decision-makers. These include but are not limited to:
– Customer Journey
– Customer Segmentation
– Churn/Growth Prediction
– Customer Lifetime Value Analytics
– Next Best Offer
– Early Warning System
– Fraud Management
– Data Insight from External Sources
– Propensity Modeling