Banks are primarily selling products and not advice or insights. This means, to maximize their fee revenue and interest income, they do not inform customers of better options available. This causes poor customer experiences and may drive customer attrition.
Goals and Objectives
Actionable insights provide more value to customers as it gives them more control over their finances and allows them to save costs or optimize their product holdings. Instead of incurring an expensive overdraft, a personal loan offered on purchases or on outstanding invoices obviously cannibalizes some income, but improves customer satisfaction and loyalty.
Partner API infrastructure, API gateways, API management layer, data virtualization, data visualization, machine learning, cloud, BDA, data models, natural language processing, mobile, and push notifications
Use Case Summary
Banks will move toward advisory services. First, they must become more relevant to customers, which means helping them to get smarter about their finances and reduce costs. Actionable insights, such as alerts and notifications with a call to action, give customers a sense of control and allow banks to position solutions at the same time.