By Karthik Krishnamurthy- Cognizant | April 18, 2013
By starting small, growing organically and striking the right balance between gaining the desired insight and becoming overloaded with data, financial services firms will truly recognize the gains they can make
Customers have different expectations of their bank, and are willing to pay for different services. Big data opens the door for banks to group their customers according to their banking preferences, which can make customers more satisfied and more profitable.
Bank Systems & Technology got an early exclusive look at a report to be released tomorrow by Celent that highlights the difficulties many financial institutions are facing in moving towards a data-driven business model.
A report from Equifax says that banks need to change how they define themselves internally and externally and adapt their mindset, operations, products and services to better meet customers’ evolving wants and needs.
By combining targeted coupon offers based on transactional data with a layered shopping experience that includes social media and gaming, banks can win big with mobile shopping apps, and position themselves for mobile wallet adoption.