Financial Services

The Rise of Customer Intelligence in Financial Services

Customer Intelligence

My last blog dove into the customer data management challenges financial companies might encounter when starting the personalization journey. Today, I’ll address customer intelligence and the benefits it provides.

Personalization requires a solid data management and analysis foundation, and financial services companies are starting to leverage customer intelligence platforms to collect, analyze, and contextualize vast amounts of data. They realize that they cannot leave those vast amounts of data unexploited.

Turn data into insight into revenue

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Customer intelligence allows you to better understand your customers’ preferences, motivations, patterns, and wants and needs by combining demographic data, transactions, second- and third-party data, channel activity, and sales and marketing history. It enables you to build deeper and more effective customer relationships. It is becoming a critical ingredient in making effective strategic decisions, and it’s the foundation of building future business intelligence capabilities.

From a technology perspective, customer intelligence collects data from multiple sources, combines structured and unstructured data, and leverages artificial intelligence, machine learning, business intelligence, data visualization, and predictive analytics. It helps you develop insights around things like propensity to buy, hyper-segmentation, personalization, next-best action, and forecasting. It’s these insights that lead to increased cross-sell and up-sell results, reduced customer churn, and improved customer experiences.

There are many great personalization use cases being thought about now in financial services. Firms need to mature their data orchestration capabilities from the ingestion and integration of data collected from multiple sources to delivery, including actions, channels, timing, and sequencing. They need to do this in order to achieve the personalization vision in many of these use cases.

To learn more about the state of personalization in financial services and how you can begin to leverage customer intelligence to champion personalization and win over customers, download our guide here.

About the Author

Scott Albahary applies his wide range of knowledge and skills to advise Perficient’s financial services clients on business and technical strategies and on defining, developing, and implementing these specific strategies.

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