2020 changed banks’ priorities, focusing more on data-driven insights that enhance resiliency and ensure exceptional customer experiences. Emerging technology (like predictive analytics, data management, machine learning, and artificial intelligence) can transform financial institutions, creating capabilities business-wide—from customer interactions to redesigned business processes to new risk and pricing models.
A recent IDC InfoBrief, sponsored by TIBCO, Connected Intelligence in Banking, states that “one out of every three customers said that their banking needs have changed due to disruption, including increased or decreased spending; needing more credit; or saving and paying down debt. This disruption puts pressure on banks to respond to individual needs.”
How can financial services rise to face changing customer needs? With a data platform as the foundation for the future, like TIBCO’s Connected Intelligence Platform.
Read on to learn about the digital capabilities that are revolutionizing the banking industry and how banks are using TIBCO Connected Intelligence to gain a competitive edge.
Personalize Your Offerings
What if you could connect to your bank on your favorite smart device whenever and wherever you needed? What if it was easier to upload checks, get access to your money, and update your account? What if your bank could analyze your portfolios and offer unique advice? With an increase in digitalization, customers now expect these streamlined, personalized services from their financial services.
By utilizing new data capabilities, banks can engage with customers in an omnichannel way, whether on mobile, web, social media, in-person, or over the phone. They can integrate AI-financial planning to offer timely and relevant financial advice and better connect their partner ecosystem with APIs to provide the most comprehensive solutions.
BNP Paribas goes beyond simple channel integration and ensures seamless omnichannel engagement so that a customer can start and complete interactions without losing any data, no matter which device they are on. Additionally, BNL, part of BNP Group, launched the first 100 percent digital mobile bank in Europe to satisfy a new generation of customers.
Drive Insights in Real-Time
Streamlining business operations with automation is the top priority for banks worldwide going into 2021. Instead of missing customer opportunities or getting insights too late, use real-time capabilities to harness the power of data.
Real-time models allow banks to monitor business-wide operations more efficiently. Whether it’s fraud detection, next action models, or dynamic pricing, banks can execute decisions based on immediate, accurate information. They can increase customer satisfaction by sending relevant offers in real-time or by speeding up responses to customer service issues.
Bank of Montreal saw three times the acceptance of customer offers after implementing advanced analytics solutions. By presenting more relevant and timely offers, the bank now gets real-time responses from customers and can target them based on interactions that happened moments before.
Predict Future Outcomes
Where will the market shift next? What will customers want next week, next year? Predictive analytics can answer these questions, and more, allowing banks to understand consumer trends, anticipate future events, and reduce instances of fraud. The main benefits of predictive analytics are below:
- Anticipate the needs of your customers
- Improve your portfolio risk with better models
- Reduce the cost of fraud management
Consorsbank uses predictive analytics to identify prospective customers, analyze account opening and closing processes, and discover potential risks when onboarding new customers. The bank reports a 20 percent increase in revenue after launching TIBCO Spotfire to analyze customer dialogues.
Simply put, 2020’s disruption has accelerated the banking industry’s digital transformation. Banks should look to use data as a foundation for their future success. To holistically manage intelligent initiatives, consider using TIBCO’s Connected Intelligence Platform to solve all your data needs.
Read this IDC Infobrief, sponsored by TIBCO, Connected Intelligence in Banking, to learn how financial services can become more personalized, more predictive, and more real-time than ever.