It is time to reimagine the traditional banking business model and optimize it for the digital age. Financial institutions that want to remain ahead of their competition must adopt new business processes and implement fresh digital strategies and technologies. By optimizing these digital efforts, companies will increase sales and provide value to their customers. Below […]
Financial Services
6 Steps FSIs Can Take Now to Achieve End-to-End Personalization
Previously, I described the benefits of personalization and outlined the changes a company should make to successfully implement a personalization program. Today, I will outline what companies should be doing right now to prepare. While many financial institutions are conceptually “on board” and heavily investing in various facets of customer intelligence, the “Netflix” of banking […]
Personalization in Financial Services Works, but Changes Will Be Required
My previous blog analyzed customer intelligence and the benefits it provides. This blog will show the benefits of personalization and outline what’s required to implement a personalization program. Financial services companies that have implemented personalization report positive results, including: 60% increase in revenue per customer 81% increase in customer retention 87% increase in customer engagement […]
The Rise of Customer Intelligence in Financial Services
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 […]
Take Advantage of FSI Data to Illuminate Customer Relationships
“Having a Balance With a Bank Doesn’t Make You a Customer.” Our financial services team recently spoke with the great Jim Marous, the co-publisher of The Financial Brand and the publisher of the Digital Banking Report. We were prepping for our webinar, “Digital Strategy Lessons Financial Institutions Can Learn From Top Brands in Other Industries,” […]
Customer Data Management Challenges in Financial Services
Previously, I discussed personalization’s future in financial services. Today, I will dive into the customer data management challenges financial companies might encounter when starting their personalization journey. Data management in any financial services firm is complex. It needs to address integrating identifiers across available touchpoints and devices, customer preferences and interests, data sources that include […]
[Guide] Why Personalization Is the Future of Financial Services
“The future of banking is going to be very personalized — one to one. Banks need to become more relevant in the moment for a consumer who has a particular problem. The power of data and artificial intelligence can help us do that.” Lisa Frazier, Head of the Wells Fargo Innovation Group Personalization is the […]
10 Questions Banks Should Ask About Their Digital Account-Opening Capabilities
Banks should use Covid-19 as an opportunity to assess their end-to-end digital account-opening capabilities. Here are the top 10 questions they should ask themselves: How long does it take to open an account digitally? Seventy-five percent of banks report it takes longer than five minutes to open an account, with close to 30% taking longer […]
[Perspective] Digital Account Opening: The Secret to Growth Amid Covid-19?
Nobody in the banking industry planned for a year like 2020. The list of Covid-19 repercussions is almost endless and includes supervisory and compliance functions that were never designed for remote work: closed branches; overwhelmed call centers and digital channels; near-zero interest rates; greater credit risk and default rates of corporate and retail customers; economic […]
Modernizing and Humanizing Debt Collection Under the CFPB’s New Final Rule
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule that “focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts.” This is the first time the parameters under which debt collectors can operate have been […]
Forrester Now Tech Lists Perficient’s Digital Process Automation Services, Focus in FS, HC, MFG
Perficient was included in Forrester’s recent report, “Now Tech: Digital Process Automation Services, Q3 2020, Forrester’s Overview of 20 Digital Process Automation Service Providers.” The new report provides an overview of technology service providers and assists global clients in identifying possible partners to support the transition to digital process automation (DPA). DPA services help a company formulate […]
Forrester Report Says Financial Services and Healthcare Are Our “Home Turf”
Perficient was listed in Forrester’s recent report, “The Forrester Wave™: Digital Process Automation Service Providers, Q3 2020, The 13 Providers That Matter Most And How They Stack Up.” The report evaluates 13 service providers and illustrates how each provider measures up and supports application development and delivery (AD&D) professionals. Digital process automation (DPA) services help a company […]