Make no mistake: Getting to know customers is a major undertaking for banks. It requires extensive analysis, development of consistent channels and constant encouragement to use lower cost channels like mobile and online.
No wonder banks have relied on guesswork for so long. But guesswork is expensive. By finding out who their customers are and then mapping that information to business objectives, banks can skip the speculation and create the personalized customer experiences that are the hallmark of online channels.
The first step is developing the underlying data techniques. Equally important is converting the data and newfound customer focus into business results. Data enables banks to map for multiple objectives, such as attrition and market penetration. It also allows bank of all sizes to benefit from micro-segmentation.
The strategy that your bank adopts to guide its digital evolution through 2020 and beyond depends on the data, analytics and direction it wants to pursue.