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 […]
Posts Tagged ‘Banking’
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 […]
5+ Areas Financial Institutions Must Focus on in the Current and Post-COVID-19 Era
We have been talking about digital transformation for over 10 years, and the financial industry has been leading the change, albeit at its own pace. This year COVID-19 has been a major disrupter, immutably altering the traditional brick and mortar channel. Financial institutions must begin now to prepare a solid 2-year plan to manage this […]
Are You Ready for the Next Wave of PPP Funding?
Many banks are finding it challenging to capture and process loan applications that have been submitted in response to the SBA’s Paycheck Protection Program (PPP). We even learned that some banks missed out on the first round of PPP because they didn’t have a portal up and running to accept borrower applications. That’s a significant […]
Expect the Traditional Payments Ecosystem to Change, Fast
During times of crisis, such as the current COVID-19 pandemic, how you treat your employees and your customers speak volumes about your values. The communications I have received from my financial institutions regarding the coronavirus outbreak focus on predictable messages – “we are here to help you 24/7,” “our call volumes are high, look at […]
How Banks Respond to COVID-19 Will Test Their CX
We are living in unprecedented times. This is the first time in my life I see people’s daily lives and habits change on such a large scale, and in many cases, not by choice. Lots of things are changing because of the coronavirus (i.e., COVID-19). Schools are closing, concerts and sporting events have been canceled, […]
Engage Millennials with Better Banking
Exploring what’s essential to consumers is a primary step to gaining, retaining, and cross-selling in the banking industry. However, millennial stereotypes regularly fool financial institutions, botching their marketing strategies with incorrect beliefs. Case in point: it turns out millennials enjoy physical branch visits just as much as Gen Xers and Baby Boomers. Nonetheless, most financial […]
Meet Perficient’s Chief Strategists: Scott Albahary
Thrilling our clients with innovation and impact – it’s not just rhetoric. This belief is instrumental for our clients’ success. In 2018 we announced the first class of Chief Strategists, who provide vision and leadership to help our clients remain competitive. Get to know each of our strategists as they share their unique insights on […]