Consumer expectations have been heavily influenced by digital giants such as Apple and Amazon. The question that banks need to ask is whether their customers would describe their bank experience as being similarly tailored to their needs.
The answer for most banks is “not yet.” In a recent study by Cognizant’s Center for the Future of Work, only 23% of banks rated their customer experience as “good” or “excellent.” But more than 65% expect it to reach those levels within three years. The pressure is on.
That’s where “metadata” comes in. Metadata can be found in the swirl of data we call Code Halos, or the digital information customers leave behind after interacting and transacting online – whether with banks, online retailers or on social media, or with an Internet Protocol-instrumented device. Knowing how to extract value from this data is key to creating a winning customer experience.