Posts Tagged ‘Banking’

Achieving Data Democratization in Financial Services (Part 4 of 4)

Over the last three blog posts, we discussed the importance of data democratization in financial services. Today, we want to share a few final words. To maximize the value of data resources, they must be discoverable by those who require the information. Once a needed data source is identified, it is best to have an […]

Connecting Data Governance to an Enterprise Search Tool in Financial Services (Part 3 of 4)

In our last blog post, we shared a proven approach to architecting a metadata search solution. Today, we’ll share a few high-level details about a solution that Perficient built, which can allow all types of financial services companies to jump-start their data democratization programs. Perficient has developed a highly capable abstraction layer called Handshake, which […]

Architecting a Comprehensive Metadata Search Solution for Financial Institutions (Part 2 of 4)

In my last blog post, I introduced data democratization. Today, I’ll share an approach to architecting a metadata search solution that enables data democratization. There are a number of ways to craft a comprehensive guided search of a firm’s data catalog and governance metadata repositories, each with its own cost/benefit profiles. For example, creating a […]

Data Democratization in Financial Services (Part 1 of 4)

In my 30-plus years of leading and supporting data programs for major financial brands, data democratization has gone from wish lists to a must-have. Over the next few blog posts, I will discuss the concept of data democratization and why it’s critical for financial institutions, from banks to insurance companies, to embrace it. Data is […]

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10 Takeaways From Our “Transforming Debt Collections and Recovery Functions” Podcast

Scott Albahary, Perficient’s financial services chief strategist, and I recently spoke with the Western Bankers Association about using empathy and personalization strategies to improve debt collection and recoveries. If you get a chance, listen to the short episode. But, if you can’t, here are the key points Scott and I make: Banks responded generously to […]

Personalization

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

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 […]

Customer Intelligence

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 […]

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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,” […]

Place Of Work

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 […]

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[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 […]

Digital Account Openings

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 […]

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