The banking industry is fiercely competitive, the only way to stay relevant and keep customers is to maximize the value of customer banking data and deepen your engagement with your customers. When you look at which banks and fintechs are gaining market share, it’s the most innovative institutions that are attracting new customers and possibly even converting yours. As consumers become more and more technically savvy in their personal lives, they’ve come to expect the same personalized experiences in their banking and business interactions.

Today’s banking customers want a seamless digital account opening process, access to self-serve capabilities, and a trusted banking partner they can turn to for advice.

4 Building Blocks to Holistic Banking Experience

That might seem like a pretty tall order. So just how can banks meet those expectations to retain current customers and attract new ones? Understanding the value of customer banking data and using it to personalize interactions with customers is a good place to start.

Unfortunately, although banks are constantly collecting data about customers and their banking activities it can prove hard to access and consolidate. Multiple data storage points and systems are unable to deliver a holistic view of customers. This is where digital transformation is key to unifying data sources and delivering the personalized experience customers demand.

There are 4 main elements needed for your employees to create the experience your customers expect:

  • A deep knowledge of your customers and their banking habits
  • Proactively delivering targeted customer insights to your employees
  • Ensuring customer data is easily accessible to increase productivity
  • Finding the right tools to drive adoption and quickly onboard employees

To get the most out of your banking data and deepen relationships with customers, download the full white paper ‘The Strategic Value of Banking Data’ for a deeper dive into the 4 elements of holistic banking engagement.

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Posted by Germaine Lang

Germaine Lang is the Managing Editor of SmartPayments with a strong creative and technical writing background across many industries. She also works to engage customers and relate their experiences with vendor products and services, positioning them as innovative thought leaders.