A 2016 Accenture survey found that only 27 percent of consumers say the omni-channel experience of their bank is seamless. With 11 percent of consumers having switched providers in the past 12 months and competition increasing, FSIs and insurers need to engage with customers and maximise those relationships.
Combining all customer interaction data from transaction, CRM, call centre, mobile apps, website, social media, digital ads and analysing it together helps financial services companies truly understand the customers' journey and behaviour as well.
Big data can help in identifying which campaigns are more successful in converting prospects to customers, and which ads appeal more to a certain demographic. That's not all though, as big data can also help in assessing potential threats by focusing on customer behaviour. Institutions can identify money laundering more easily, while also improving customer interaction and experience by approving legitimate transactions that may appear risky at first glance.
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